Building on previous work undertaken by the Philippines government to improve its financial markets, this technical assistance funded by the Japan Fund for Poverty Reduction will assist in developing a comprehensive, sector-wide roadmap to implementing the government’s Capital Market Development Plan; support the Securities and Exchange Commission as it upgrades its examination and surveillance capabilities and improve its IT systems; and improve the investment climate through projects such as a review and revision of regulations governing the issuance and distribution of securities, and the upgrade of corporate governance standards. This should lead to a deeper, more diversified and resilient financial sector.