International Finance Corp., the private sector arm of the World Bank Group, on Thursday signed a deal with the Securities and Exchange Commission to strengthen the country’s regulatory framework and corporate governance practices.
IFC and SEC signed a memorandum of agreement to raise market awareness on good governance in a bid to entice more foreign investments.
IFC and SEC agreed to work together to revise the country’s Corporate Governance Code and set best practices for Philippine companies to follow. IFC will facilitate the exchange of information on regulatory reforms between SEC officials and international corporate governance experts.
“We will work together with IFC to improve our regulations and encourage Philippine corporates to adopt best corporate governance practices so that they can reap the benefits,” said SEC chairperson Teresita Herbosa
“These efforts are crucial to the development of a strong and sustainable capital market in the Philippines,” she said.