The Securities and Exchange Commission (SEC) has approved the rules and regulations on crowd-funding schemes that allow Small Medium Enterprises (SMEs) to seek up to PHP 50 Million for expansion.
“With the rules and regulations governing crowdfunding in place, the Commission hopes to support recent financial innovations on providing easier access to finance especially for smaller business startups or ventures while ensuring the integrity and fairness of financial systems and the protection of investors,” said Emilio Aquino, SEC chair
The proponents of crowd-funding are exempted from the typical registration requirement as long as they follow the SEC guidelines with the new framework.
The SEC may require additional capital in the form of cash or insurance to the proposed or actual operations of the crowdfunding intermediary.
Crowd-funding is a form of seeking fundings for a project or venture by raising many small amounts of money from a large number of people. This is done typically via an online platform.
Source: Inquirer
YugaTech.com is the largest and longest-running technology site in the Philippines. Originally established in October 2002, the site was transformed into a full-fledged technology platform in 2005.
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