PHILIPPINES: PSE Proposes Increase in the Minimum Unimpaired Paid-up Capital

Tuesday July 21 2026

On 21^st July 2026, the Philippine Stock Exchange (PSE) proposed to raise the minimum unimpaired paid-up capital stock requirement for Trading Participants.

Proposed Amendments and Rationale

Under the 2009 PSE Rules Governing Trading Rights and Trading Participants (“2009 TP Rules”), an entity applying to be a trading participants (“TP”) which does not meet the ₱100 Million unimpaired paid-up capital requirement shall have a minimum unimpaired paid-up capital of ₱20 Million effective December 31, 2009, to be increased to ₱30 Million effective December 31, 2010.

In addition, Section 28.1.6 of the 2015 Implementing Rules and Regulations of the Securities Regulation Code requires existing Broker Dealer allowed to defer compliance with the ₱100 Million unimpaired paid-up capital requirement to file a surety bond of not less than ₱10 Million for Brokers and not less than ₱2 Million for Dealers or such other amount as the Securities and Exchange Commission shall prescribe.

Since the minimum unimpaired paid-up capital for broker-dealers was last adjusted in 2010, the market has seen a substantial growth in transaction sizes, volumes, inflation, and systemic risks. To ensure systemic stability and index against inflation, the Exchange proposes a phased increase in the unimpaired paid-up capital requirement, with the objective of scaling it to at least ₱100 million by 2029, almost 20 years after the last increase.

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