Lim ushers in new era of leadership at SEC

MANILA, Philippines — New Securities and Exchange Commission (SEC) chairperson Francis Lim has his sights set on further boosting the Philippine capital market under his term, vowing to continue his predecessor’s initiatives while also pursuing necessary reforms.

The SEC held yesterday a turnover ceremony for Lim at its headquarters in Makati, officially starting his term as chair of the commission.

Former SEC chairperson Emilio Aquino, who finished his seven-year term, said that his successor is the right man for the job, calling Lim a leader with a proven and outstanding track record.

“Let’s be honest: the Philippine capital market has been lagging behind. Inclusive growth demands deeper, broader and more accessible capital markets. We will leave no stone unturned to catch up – and with God’s help and our collective will, we will lead,” Lim, a former president of the Philippine Stock Exchange Inc. (PSE) and the Management Association of the Philippines, said.

“This means working not only within the SEC, but with partners such as the Philippines Stock Exchange, Philippine Dealing and Exchange Corp., non-governmental organizations and the three branches of government to push for meaningful reforms,” he said.

For Lim, the biggest challenge at present is getting investors to look at the Philippine equities market.

“It’s no secret that while we are one of the oldest exchanges, our market still lags behind. It’s really ensuring that the investing public will trust their money with our market. That is why corporate governance is very important,” he said.

The new SEC chief, however, said that he is not a fan of reinventing the wheel.

Instead of more reforms, Lim said what is more essential is implementing existing policies.

“I think it’s more execution and implementation than more reforms,” Lim said.

“We will build on what works – refine it, improve it and scale it with urgency and discipline. Continuity in best practices is just as important as innovation,” he said.

To attain its vision of transforming the market, Lim said the commission must first transform itself.

He said his first order of business is to resolve all pending applications in the commission quickly and responsibly.

“The law sets clear timeframes. While we recognize the complexity of our work, we must uphold the standards. If this means working nights, weekends, or holidays, then that is what public service demands,” Lim said.

“We will build on the practice of aging our deliverables across all departments and units – because service delayed is service denied,” he said.

Further, Lim said the SEC would work to further simplify and streamline everything being asked from the public.

“I know that some steps have been undertaken along this line, and we are committed to pursue them with more vigor. Every requirement must be justified. No more piecemeal requests. Let’s make it easier to comply, and harder to delay,” he said.

Lim said the SEC also intends to explore reasonable reductions in its fees, particularly for micro, small and medium enterprises.

In addition, he said the commission would continue to embrace technology to modernize, simplify and streamline every process.

Under the leadership of Aquino, the SEC championed significant reforms, paving the way toward a more business-friendly and innovative corporate sector and efficient capital market.

The SEC started its digital transformation in 2021, with the introduction of new digital tools that automated its key services such as company registration, submission of annual reports and transaction payments.

With the ease of registration and submission brought by the digital tools, the commission hit record numbers in the number of new business registrations and the filing of the reportorial requirements.

The SEC was able surpass the 50,000 mark for the first time in terms of new companies registered, reaching 52,604 new companies in 2024.