Australia extends P3.13-M grant for RP capital market

The Australian Agency for International Development (AusAID) will extend a P3.13-million technical assistance grant to strengthen the regulatory framework of the Philippine capital markets.

The signing of the assistance package was held at the Securities and Exchange Commission (SEC) yesterday, with AusAID counsellor Angus Macdonald, SEC chairperson Lilia R. Bautista, and Philippine Stock Exchange (PSE) chairperson Alicia Arroyo.

The grant is part of the Philippines-Australia Governance Facility (PAGF), a component of Australia’s Development Cooperation Programme in the Philippines, provides technical assistance to enhance governance at the national, regional and local government levels, including civil society and business organizations as development partners of government and local communities.

The grant will be used by the SEC to build the capability of its staff through organizational and management training.

The PSE, on the other hand, needs to build the financial analysis capacity of its Listings and Disclosure Department.

"The Australian government is pleased to support the continuing efforts of the SEC and PSE in the development of the financial sector. Stronger economic governance is a key objective of the new four-year strategy for the Philippines-Australia Development Cooperation Program," Macdonald said.

Bautista, for her part, said the funding by AusAID is a milestone for the agency.