SEC: IRR of exchange-traded funds ready by end-Sept
MANILA, Philippines - Investors may be able to put their money in exchange-traded funds (ETF) before the year ends.
Securities and Exchange Commission chairman Teresita Herbosa says the implementing rules and regulations for the exchange-traded funds should be ready by end of September.
"There will be changes there (IRR)... I know it was minor and I saw the draft already. I think it will be presented to the (SEC) en banc this Thursday," she said.
Exchange-traded funds allow investors to bet on the Philippine Stock Exchange index or one of the PSE's sub-indices, instead of having to pick their own stocks.
Exchange-traded funds are popular abroad because they're cheap and easy to invest in.
Herbosa said the ETF may be implemented before the end of the year.
"The PSE has already put in place everything for the ETF so it might even be earlier than December," she said.