The Philippine Stock Exchange (PSE) has taken its first step towards opening the equities market to support infrastructure growth in the country with the publication of its draft public-private partnership (PPP) supplemental listing and disclosure rules.

The announcement comes after in August 2015 began a series of consultation with various stakeholders, including the PPP Center together with the PSE, Securities and Exchange Commission (SEC) and the Asian Development Bank.

Some of the proposed new rules are related with the following aspects:

• The easing of the track record and operating history requirements.

• A requirement that the PPP contract must have at least 15 years remaining period of effectivity.

• Setting of a minimum project cost of P5 billion (around US$100 million).

• Requirement of additional disclosures applicable to PPP companies.

Roel A. Refran, PSE chief operating officer, said:

“We recognize the need for PPP companies to have funding options available to them. We hope that by enhancing our listing rules for infrastructure companies, PPP firms will consider raising capital through the stock market. In doing so, both the PSE and our investor base will serve as conduits in the country’s economic growth.”

“Aside from the consultations with local and foreign stakeholders, we also looked at our peers in the region to see how they implemented such rules for infrastructure project companies. Drawing from their experience, we came up with rules that would be most effective and beneficial to our prospective PPP listing applicants.”

Different stakeholders have until June 17, 2016 to submit their comments to the PSE. This reviews will be considered in finalizing the Exchange’s supplemental PPP listing and disclosure rules for approval.