What kind of growth truly deserves a nation’s trust?
Editor’s note: This was lifted from the speech of the author as closing keynote speaker at the recent Management Association of the Philippines (MAP) 3rd MAP Summit on Shared Prosperity.
As we bring this summit to a close, we are left with a defining question:
What kind of growth truly deserves a nation’s trust?
Because growth alone is not enough.
For prosperity to be worthy of our people, it must widen opportunity, rest on strong institutions, reinforce confidence in the rules, and leave our country more just, more resilient and more inclusive than we found it.
Sa madaling salita, hindi sapat na lumago tayo—kailangan maramdaman ng mas marami ang pag-asenso. (In short, it’s not enough to grow—it must be felt by more people.)
That vision took concrete form on Nov. 5, 2020, at a time of profound disruption caused by the COVID pandemic, when the Philippine business community came together and signed the Covenant for Shared Prosperity.
That covenant was more than a statement of intent.
It was a conscious act of leadership—a recognition that business cannot remain indifferent to inequality, and must help build an economy where value is not only created, but deliberately shared.
It affirmed a simple but powerful idea: that business success and national progress must move together—and that growth earns legitimacy only when it is anchored in fairness, inclusion and responsibility.
Today, at the Securities and Exchange Commission (SEC), we carry that covenant forward—not as aspiration, but as action—through reforms that shape how markets function, how capital flows and how opportunity is created.
Allow me to briefly reflect on how these commitments are being translated into practice.
First, developing people and expanding opportunity
The covenant calls on business to develop people to be the best they can be—regardless of gender, background or circumstance.
At the SEC, we have aligned policy with that principle. Board diversity is highly encouraged because leadership must reflect the full breadth of our nation’s talent.
And the market is responding. Social and gender bonds are channeling capital to women-led enterprises and underserved communities—demonstrating that inclusion is not only a social good, but an economic advantage.
Second, delivering quality service and reducing barriers
The covenant commits business to deliver value. For regulators, that means public service that is efficient, predictable and accessible.
We reduced SEC fees, especially for micro, small and medium enteprises, saving the public almost P275 million as of February 2026.
We imposed firm timelines—and beyond those, applications are deemed approved, subject to audit.
And through digitalization, processes that once took weeks and even months can now be completed in hours.
Hindi lang ito tungkol sa efficiency. (It’s not just about efficiency.)
Ito ay tungkol sa pagbubukas ng pinto—para mas marami ang makapasok, makapagsimula, at makapagtagumpay. (It’s about opening doors so that more people can have the opportunity, begin their journey and succeed.)
Third, fairness, ethics and governance
The covenant calls for fairness across the value chain. In markets, that begins—and ends—with governance.
We are filing cases against those that destroy public trust in our market no matter who they are, strengthening board independence and advancing beneficial ownership transparency—because trust is the invisible currency of our markets—the foundation of more inclusive prosperity.
These reforms may not always be easy, and as you may have read in the news or on social media, they are encountering headwinds. But we at the SEC will remain steadfast, because for us, discipline today is what sustains credibility tomorrow.
Fourth, directing capital to communities and priority sectors
The covenant calls on business to be present where needs are greatest.
Through targeted frameworks—SEC Farms (Securing and Expanding Capital for Farms and Agri-business Related Modernization Schemes), SEC Hopes (Securing and Expanding Capital for Hospital Entrepreneurs), SEC Powers (Securing and Expanding Capital for Power Generation Operators and Wholesale Electricity and Retail Services) and SEC Rent (Securing and Expanding Capital in Real Estate Non-Traditional Securities)—we are enabling capital to flow more efficiently to agriculture, health care, energy and housing.
Dito nagiging totoo ang shared prosperity—kapag ang kapital ay umaabot sa magsasaka, sa pasyente, sa marginalized areas. (This is when shared prosperity is realized—when it reaches the farmers, the patients, the marginalized areas.)
Fifth, stewardship of the environment
The Covenant recognizes that prosperity must endure across generations.
We adopted International Sustainability Standards Board-aligned sustainability disclosures and launched capacity-building programs. Through Philippine Green Equity, we are recognizing companies genuinely aligned with sustainability.
Because stewardship must move beyond intention—it must be embedded in how decisions are made and value is created.
Sixth, fair returns and stronger markets
The covenant calls for fair treatment and just returns for all investors.
We are strengthening the investment ecosystem—lowering the cost of raising capital; streamlining approvals; liberalizing our rules like the rules governing real estate investment trusts, Personal Equity and Retirement Account Law, shelf registration, exempt transactions, qualified buyers; and introducing the concept of umbrella funds—while preserving investor protection and accountability.
Because when markets are fair, predictable and proportionate, capital stays—and growth and shared prosperity become more meaningful and sustainable.
And yet, even the strongest framework is not enough.
The Covenant for Shared Prosperity, signed in November 2020, was never meant to remain a document.
It was meant to become a discipline—a way of doing business.
The SEC can set the rules.
But it is business that gives those rules life.
The real challenge is not compliance—it is conviction:
- To raise capital responsibly.
- To govern with integrity.
- To create value in ways that people can genuinely feel.
Because shared prosperity is not something we distribute after value is created.
It must be built into the very way value is created.
The MAP has long championed that vision.
The covenant gave it voice.
The task now is to give it meaning and continuity.
The Philippines does not lack talent, enterprise or ambition.
What we must continue to build are institutions worthy of that strength—institutions that convert growth into trust, and enterprise into legitimacy.
At the SEC, we will continue to do our part.
Because when opportunity widens, when governance becomes real, when markets are fair—prosperity does more than grow.
It earns trust.
It gains legitimacy.
It endures.
And only then can prosperity be truly shared.
The author is past president of MAP and now the chairperson of the SEC. Feedback at map@map.org.ph
