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Lesson
Sequencing of reforms and an extended gestation period are crucial to capital market development.

Project Number: 48427-001, 48427-002
Project Name: Encouraging Investment Through Capital Market Reforms Program
Report Date:
Lesson
Political will, continuous engagement, and high-level government support are crucial to the successful implementation of capital market reform programs.

Project Number: 48427-001, 48427-002
Project Name: Encouraging Investment Through Capital Market Reforms Program
Report Date:
Lesson
A holistic and thorough diagnostic enables the preparation of a comprehensive but highly implementable capital market development plan.

Project Number: 48427-001, 48427-002
Project Name: Encouraging Investment Through Capital Market Reforms Program
Report Date:
Lesson
Close collaboration within ADB and among development partners can result in greater capital market efficiencies.

Project Number: 48427-001, 48427-002
Project Name: Encouraging Investment Through Capital Market Reforms Program
Report Date:
Lesson
Program design should focus on mplementing reforms not only where commitment is strong, but where resources and external factors are adequate to ensure successful implementation. In the case of the Securities and Exchange Commission (SEC), a persistent and chronic shortage of funding initially compromised its ability to provide effective surveillance and supervision to the capital markets. Additional budget increases still appear necessary to bring Office of the Insurance Commission and SEC remuneration in line with the Bangko Sentral ng Pilipinas, as mandated by Republic Act No.

Project Number: 38276-013, 38276-023
Project Name: Financial Market Regulation and Intermediation Program
Report Date:
Lesson
There should be strong and widespread political will. For example, the Capital Market Development Plan was initiated unilaterally by the Securities and Exchange Commission and clearly was not reflective of industry sentiment and therefore did not enjoy widespread support. In the case of the Office of the Insurance Commission, pressure from the industry to postpone higher required capitalization contributed to a change in the Insurance Commissioner and a reduction in political will in support of reform.

Project Number: 38276-013, 38276-023
Project Name: Financial Market Regulation and Intermediation Program
Report Date:
Lesson
Programs and technical assistance should not depend on passage of law in countries where legislative processes are slow and cumbersome. In this case, reforms to the bank resolution process, such as the authorization of bridge banking powers for Philippine Deposit Insurance Corporation, rely on the passage of legislation, and are still pending. The administrative increase in minimum capital requirements for the insurance subsector was embroiled in controversy and delay, but now appears to be required by law, but only following a 7-year delay.

Project Number: 38276-013, 38276-023
Project Name: Financial Market Regulation and Intermediation Program
Report Date: