Philippine Digest: SEC to draft ICO rules; RCBC eyes $291m rights offer

Stacks of bitcoins sit near green lights on a data cable terminal inside a communications room at an office in this arranged photograph in London, U.K., on Tuesday, Sept. 5, 2017. Photographer: Chris Ratcliffe/Bloomberg

The Philippine Securities and Exchange Commission said it is drafting the guidelines for initial coin offerings in the country instead of totally banning the fundraising activity. Listed lender RCBC, on the other hand, seeks to raise Php15 billion in a stock rights offer.

SEC drafting ICO rules

The Philippine Securities and Exchange Commission (SEC) is comparing notes with regulators in other countries as part of efforts to draft the guidelines for companies seeking to conduct initial coin offerings (ICOs), the BusinessWorld reported.

SEC Commissioner Emilio B Aquino, head of the Enforcement and Investor Protection Division, was quoted as saying that the new guidelines could be released within the year.

Aquino stressed that the SEC is still looking at coin offerings and how it would benefit the public even as other countries had outrightly banned ICOs. The SEC, he added, is not altogether banning ICOs as long as companies are able to comply with the guidelines and that investor protection issues are duly addressed.

Last week, the SEC issued a cease-and-desist order against the ICO of Krops, an online marketplace for farm produce led by businessman Joseph Calata. The CDO was also slapped against affiliates Black Cell Technology Inc., Black Sands Capital Inc. and Black Cell Technology Ltd for failing to register the securities with the commission.

RCBC seeks to raise Php15bn in stock rights offer

Philippine-listed lender Rizal Commercial Banking Corporation (RCBC) has informed the Philippine Stock Exchange that it has received board approval to conduct a stock rights offer (SRO) to raise up to Php15 billion ($291 million) in fresh capital.

While its current capital ratios are above the requirements of the central bank, RCBC expects the proceeds of the SRO to further strengthen its capital ratios under the Basel III standards and to support its asset growth.

“RCBC also intends to use investments in technology to improve customer experience, broaden customer base, and increase operational efficiency,” the lender disclosed.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.