The Philippine Securities and Exchange Commission (SEC) has proposed amendments to the country’s crowdfunding rules that would raise the amount companies can raise through online platforms while introducing additional safeguards for retail investors.
The proposed framework would allow issuers to offer up to 25 million pesos ($430,000) worth of securities within a 12-month period, up from the current 10 million pesos.
The ceiling would rise to 100 million pesos for offerings made to qualified investors, compared with the existing 50 million pesos limit.
The changes are part of the SEC’s effort to update the crowdfunding framework introduced in 2019 as online fundraising becomes a more established source of capital for startups and small and medium-sized businesses.
Crowdfunding allows companies to raise money from a large number of investors, typically through an online platform.
In the Philippines, the securities-based model covers both equity and lending-based crowdfunding and is subject to securities regulation.
The proposed amendments retain limits on how much retail investors can commit through crowdfunding platforms.
Investors with annual income of up to 2 million pesos would remain subject to a ceiling equivalent to 5% of their annual income, while those earning more than 2 million pesos would be allowed to invest up to 10% of annual income.
Qualified investors would not be subject to the same investment limits.
The SEC is also proposing measures aimed at giving retail investors more time and information before committing funds.
The draft rules would require investor education on the risks associated with crowdfunding and introduce a five-business-day cooling-off period.
Investor funds would also have to be segregated and held in trust accounts, strengthening safeguards around money collected during fundraising campaigns.
The changes would affect both companies raising capital and the intermediaries that operate crowdfunding platforms.
Under the existing framework, crowdfunding transactions must be conducted through registered intermediaries, including brokers, investment houses and funding portals.
Securities offerings covered by the rules must be conducted through the platform of the registered intermediary.
The SEC’s original crowdfunding framework also placed restrictions on funding portals, including prohibitions on providing investment advice or recommendations, marketing securities displayed on their platforms, compensating people who solicit investments, and managing investor funds or securities.
The proposed increase in fundraising limits could make crowdfunding more relevant for companies that have outgrown the relatively small funding ceiling under the 2019 rules but are not yet ready to pursue larger conventional capital-market transactions.
For startups and smaller businesses, the higher thresholds could provide additional room to finance expansion without immediately moving into more complex public-offering structures.
For investors, however, the larger fundraising capacity also increases the importance of disclosure, risk education and controls over investor money.
The proposed changes come as Philippine regulators pursue broader capital-market reforms aimed at widening access to financing and investment opportunities.
The SEC has separately been working on changes covering public offerings, market making and other areas of the securities market.
The regulator is accepting comments on the proposed crowdfunding amendments until Sept. 20, giving market participants, crowdfunding platforms, issuers and investors an opportunity to weigh in before the rules are finalized.
The proposed amendments do not yet constitute final regulations. The SEC may revise the framework after reviewing comments from stakeholders.
The current crowdfunding rules were adopted in 2019 and set an aggregate 12-month fundraising limit of 10 million pesos for offerings to investors generally and 50 million pesos for offerings involving qualified investors.
The new proposal would therefore increase those ceilings by 150% and 100%, respectively.
The higher limits could broaden the role of crowdfunding in the Philippines’ capital-raising ecosystem, while the proposed investor safeguards indicate that the regulator is seeking to expand access without removing protections for smaller investors.
The SEC’s request for comments was announced on Sept. 11, 2026.