Manila: Addressing the gap in beneficial ownership information disclosure will help prevent corruption and financial crime, Securities and Exchange Commission (SEC) Chair Francis Lim said. Thus, SEC is gathering public comment on the draft memorandum circular on the Revised Guidelines on Beneficial Ownership Disclosure and Transparency, issued on Oct. 10, 2025.

According to Philippines News Agency, SEC, in a statement on Thursday, said the proposed guidelines are aimed at consolidating ‘all the rules and regulations promulgated by the SEC pertaining to the identification, declaration and submission of accurate beneficial ownership information by all corporations registered with the Commission.’

Among others, the proposed guidelines require SEC-registered entities to disclose the complete name, specific residential address, nationality, and the date when the individual became a beneficial owner, among others. It also mandates the firms to disclose the specific category of beneficial ownership under which the individual qualifies; the percentage of ownership or voting rights, where applicable; the specific nature and means of control exercised by the beneficial owner; and the date when beneficial ownership was acquired or established.

SEC said the proposed measure was formulated with the help of the Open Ownership and the United Nations Office on Drugs and Crime and is aligned with the multi-pronged approach of the Financial Action Task Force (FATF) to beneficial ownership disclosure. It said the guidelines ‘prohibit bearer shares, mandate disclosure of nominee arrangements, and impose proportionate sanctions for non-compliance and false declarations.’

‘By strengthening beneficial ownership information disclosure, we are addressing critical gaps that enable corruption and financial crime in the country, complementing broader government efforts to combat corruption and illicit financial activities,’ Lim said. ‘This policy underscores our unwavering commitment to transparency and accountability in the corporate sector, aligning the Philippines with global standards in combating money laundering and countering the financing of terrorism.’ (With a report from Joann Villanueva/PNA)