The Securities and Exchange Commission (SEC) of Philippines is planning to frame standardized reporting rules for both the equities and bond markets in the country.

The rules should be in line with the regional initiative on the capital markets integration of the 10-member Association of Southeast Asian Nation (Asean), SEC chairman Teresita Herbosa was quoted as saying by Business Mirror.

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"We have to be optimistic that, sooner or later, we cannot get away with the globalization of the capital markets. It’s really there. It’s something we cannot get away from anymore," Herbosa added.

According to the publication, representatives of the Philippine Stock Exchange, Philippine Dealing and Exchange Corp., listed companies, investment houses and other government agencies held a consultative meeting last month, for the programmed integration of disclosures of the country’s capital markets.

"Coming out with Asean disclosure standards — which is a very long process — will be our first step. This initiative will be brought forward to the next level by the Asean Finance Ministers and then ultimately, even with the [Asia-Pacific Economic Cooperation]. The effort of having a common set of standards can expedite the process, but each jurisdiction still has the right to look at it from its own law or set of rules," Herbosa said.

The Asean Capital Markets Forum, which is composed of securities regulators from the 10 member-nations, developed a disclosure standards scheme and a review framework.

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The new initiative aims to facilitate fund raising activities, as well as to enhance the investment opportunities within the Asean capital markets.