SEC chief wants GOCCS to list on stock market

FRANCISCO ED. LIM, the new chairperson of the Securities and Exchange Commission (SEC), is hoping to encourage Philippine government-owned and -controlled corporations (GOCC) to list on the stock exchange to spur investor activity.

- Revin Mikhael D. Ochave Reporter

“It is being done in Vietnam, their state-owned enterprises (SOEs) are listing. Let’s take a look at them (SOEs) and see which are listable,” Mr. Lim said during a media briefing after officially taking the helm on the SEC on Tuesday.

There are no GOCCs, also known as SOEs, listed on the Philippine Stock Exchange (PSE).

Mr. Lim, who also served as PSE president from 2004 to 2010, said he will also look into the implementation of laws that require the public listing of companies availing of government incentives.

“There are laws that require companies, who avail of incentives, to go public. That’s not being fully implemented. We give you incentives, but you should share your blessings with the public. Unfortunately, that has not been done,” he said.

In its Capital Market Review of the Philippines last year, the Organisation for Economic Co-operation and Development (OECD) said there are many Philippine SOEs that are candidates for public listing such as Land Bank of the Philippines and Development Bank of the Philippines.