A two-board structure, from three, would enhance the criteria for listed companies and those that intend to go public, according to the exchange.

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Astro del Castillo, managing director of First Grade Holdings Inc. Approved by the SEC—as proposed by the exchange—are two listing boards: Small, Medium and Emerging SME and Main Board.

The new system will replace the First Board, Second Board, and Small and Medium Enterprise Board. Sicat noted in an emailed statement Friday. The new features of these rules should, in the process, also help promote investor protection," Sicat said.

Companies that will list on the Main Board must have an authorized capital stock of at least P million and three years of operating history. Presently, companies listing on the First Board must have an authorized capital stock of P million and P million on the Second Board.

These companies should have cumulative earnings before income tax, depreciation and amortization EBITDA of at least P50 million in the last three years prior to listing on the exchange.

Companies applying for the new SME Board must have an authorized capital stock of at least P million, of which a minimum 25 percent must be subscribed and fully paid. Current news articles, stories, multimedia video, infographic photo on national, international, global, world by GMA News Online.