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Download 117.99 KB ASIAN DEVELOPMENT BANK PCR: PHI 21223 PROGRAM COMPLETION REPORT ON THE CAPITAL MARKET DEVELOPMENT PROGRAM (Loan 1363-PHI) TO THE REPUBLIC OF THE PHILIPPINES August 2000 CURRENCY EQUIVALENTS Currency Unit – Peso (P) At Appraisal At Program Completion 15 March 1995 15 June 2000 P1.00 = $0.04 $0.02 $1.00 = P25.86 P42.40 ABBREVIATIONS ADB – Asian Development Bank BSP – Bangko Sentral ng Pilipinas CMDC – Capital Market Development Council CMDP – Capital Market Development Program DOF – Department of Finance ECC – Economic Coordinating Council FIBV – Federation Internationale des Bourses de Valeurs IOSCO – International Organization of Securities Commissions IPO – initial public offering PCDI – Philippine Central Depository Inc. PSE – Philippine Stock Exchange RICA – Revised Investment Company Act SCCP – Securities Clearing Corporation of the Philippines SEC – Securities and Exchange Commission SRC – Securities Regulation Code SRO – self-regulatory organization TA – technical assistance USAID – United States Agency for International Development NOTES (i) The fiscal year of the Government and its agencies ends on 31 December. (ii) In this report, "$" refers to US dollars. CONTENTS Page BASIC DATA ii I. PROGRAM DESCRIPTION 1 II. EVALUATION OF IMPLEMENTATION 1 A. Program Components 1 B. Implementation Arrangements 6 C. Program Schedule 6 D. Conditions and Covenants 6 E. Disbursements 7 F. Project Performance Report Implementation Ratings 7 G. Performance of the Borrower and the Executing Agency 7 H. Performance of ADB 8 III. EVALUATION OF INITIAL PERFORMANCE AND BENEFITS IMPACT 8 A. Economic Performance 8 B. Attainment of Benefits 11 IV. CONCLUSIONS AND RECOMMENDATIONS 12 A. Conclusions 12 B. Lessons Learned 12 C. Recommendations 14 APPENDIXES 16 BASIC DATA A. Loan Identification 1. Country Philippines 2. Loan Number 1363-PHI 3. Project Title Capital Market Development Program 4. Borrower Republic of the Philippines 5. Executing Agency Department of Finance 6. Amount of Loan $150 million 7. Project Completion Report Number PCR:PHI 580 B. Loan Data 1. Appraisal - Date Started 1 March 1995 - Date Completed 15 March 1995 2. Loan Negotiations - Date Started 24 July 1995 - Date Completed 26 July 1995 3. Date of Board Approval 22 August 1995 4. Date of Loan Agreement 2 May 1996 5. Date of Loan Effectiveness - In Loan Agreement 31 July 1996 - Actual 31 March 1997 - Number of Extensions 4 6. Closing Date - In Loan Agreement 31 December 1997 - Actual 31 December 1999 - Number of Extensions 2 7. Terms of Loan - Interest Rate variable - Maturity (number of years) 15 years - Grace Period (number of years) 3 years 8. Disbursements a. Dates Initial Disbursement Final Disbursement Time Interval 21 April 1997 28 May 1997 1.25 months Effective Date Original Closing Date Time Interval 31 March 1997 31 December 1997 9 months iii b. Amount Original Amount Amount Undisbursed Allocation Canceled Disbursed Balance $150,000 $75,000 $75,000 0 C. Data on ADB Missions No. of No. of Specialization of Members Name of Mission Date Persons Person-days Appraisal 1-15 Mar 95 5 80 Sr. Financial Analyst Sr. Counsel Investment Officer Project Economist Economist Review Mission 1 3-4 Sep 97 2 4 Sr. Financial Analyst Capital Markets Specialist Review Mission 2 13-14 Jul 98 2 4 Capital Markets Specialist Investment Officer Policy Consultation 1 1-2, 5-6 Oct 98 2 8 Capital Markets Specialist Investment Officer Policy Consultation 2 14 Jun 99 2 2 Financial Economist Capital Markets Specialist Policy Consultation 3 17 Jun 99 4 4 Manager Financial Economist Capital Markets Specialist Policy Consultation 4 27 Jul 99 4 4 Financial Economist Project Economist Investment Officer Economist Policy Consultation 5 23 Oct 99 1 1 Manager Policy Consultation 6 15 Nov 99 2 2 Manager Financial Economist Policy Consultation 7 2 Dec 99 2 2 Manager Financial Economist Policy Consultation 8 15 Dec 99 2 2 Financial Economist Project Completion 19-22 Jun 00 3 7 Senior Financial Economist Review Young Professional Associate Economic Analyst I. PROGRAM DESCRIPTION 1. On 22 August 1995, the Asian Development Bank (ADB) approved the Capital Market Development Program (CMDP) loan for $150 million from its ordinary capital resources to the Government of the Philippines. The CMDP aimed to support the first phase of capital market reforms to mobilize long-term funds critical for the growing resource requirements of infrastructure and the recapitalization of banks. The objective of the CMDP was to promote diversified, competitive, and vibrant capital markets to enhance the allocative efficiency of domestic savings. The CMDP was designed to (i) merge the two stock exchanges, (ii) introduce awareness of the significance of good governance and investor protection by encouraging transparency and accountability through increased public disclosure of financial information, and (iii) build capacity and market confidence. 2. The CMDP was expected to facilitate recovery from the recession that characterized the Philippines economy from the late 1980s to the early 1990s. Although conceptualized in 1990, the CMDP structure was finalized after appraisal in March 1995. The timing of the CMDP coincided with the implementation of a macroeconomic stabilization and structural adjustment program supported by the Extended Fund Facility approved by the International Monetary Fund in 1992. This program supported new prudent management policies and the creation of a new independent central bank, Bangko Sentral ng Pilipinas (BSP). While BSP’s improved monetary management helped bring inflation under control, the Government’s solid macroeconomic policies helped revive economic growth in 1993 and the economy appeared set to turn around. The macroeconomic environment was conceived to be conducive for capital market development. 3. Given this context, the CMDP was timely and constituted the first comprehensive policy package aimed at promoting vibrant capital markets. To complement the CMDP, ADB provided a number of sequential technical assistance (TA)1 operations that helped (i) improve efficiency and transparency of stock market transactions, (ii) elevate the professionalism of the stock exchange staff, and (iii) improve the capacity of regulators in the Securities and Exchange Commission (SEC) and Insurance Commission. 4. This program completion report provides an overview and evaluation of CMDP implementation. II. EVALUATION OF IMPLEMENTATION A. Program Components 5. The capital market reforms were expected to mobilize long-term savings, improve supervision and prudential regulation of capital market institutions, and lead to adoption of internationally accepted standards and practices in the capital markets. The CMDP focused on (i) rationalizing the allocation of regulatory responsibilities, (ii) strengthening the capital market regulatory framework, (iii) developing the stock market, (iv) reforming collective investment schemes, and (v) increasing the supply of equity shares. This section provides an assessment of CMDP implementation relative to program targets. Compliance with policy matrix conditionalities is described in Appendix 1. Some statistics on the country’s capital markets are given in Appendix 2. 1 TA 1640-PHI: Stock Market Development, for $585,000, approved on 2 January 1992; TA 1641-PHI: Institutional Strengthening of the Securities and Exchange Commission, for $589,000, approved on 2 January 1992; TA 2379- PHI: Capital Market Development, for $600,000, approved on 22 August 1995; and TA 3120-PHI: Institutional Strengthening of the Insurance Commission, for $600,000, approved on 15 December 1998. 2 6. The Government implemented the substance of the CMDP, albeit slowly, and complied with the seven core conditions for release of the second tranche (Appendix 3). Moreover, the recently enacted Securities Regulation Code2 (SRC) has resulted in all but one program condition being fulfilled. The one outstanding policy action, requiring increase of financial and other penalties specified under the Investment House Law to make them true deterrents, is still in committee under congressional review. 1. Allocation of Regulatory Responsibilities 7. This component of the CMDP focused on encouraging the Government to (i) prepare a strategy paper and action plan to rationalize the allocation of regulatory responsibilities among regulatory institutions; and (ii) examine the regulatory framework for different market participants, and recommend a more efficient allocation of capital market oversight responsibilities. Progress in this area has been largely satisfactory. SEC, with ADB TA,3 prepared a strategy paper clarifying SEC’s authority and jurisdiction. However, given the predominance of universal banking paired with a regulatory framework based on the United States model (where universal banking is not allowed), duplication and overlapping in regulation and monitoring of capital market activities by banks are unavoidable. The overlap of responsibility between SEC, BSP, and to a lesser extent, the Insurance Commission has contributed to confusion over jurisdiction and compliance with different regulations. This issue is being addressed under another recently approved ADB TA,4 which is supporting development of an efficient regulatory framework for all market participants. 8. Based on studies sponsored by the Government and aid agencies, SEC and other agencies have developed an understanding of the issues, overlaps, and gaps in the regulatory framework of different segments of the securities market. Efforts have also
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