Definition of Terms

Securities - The definition of securities in the Philippines can be found in the SRC, the key

legislation for the bond market, while a further definition for the purposes of the PDEx market is

contained in the PDEx Rules. In contrast, the OTC Rules, which effectively are dedicated to the

fixed income market, do not contain a separate or distinct definition of securities or fixed income

securities, but instead, in Section 8, only specify “Eligible Securities” in terms of certain qualities

with references to the SRC. At the same time, fixed income securities are not specifically defined

or referenced in the Corporation Code of the Philippines (National Legislation 68).