MANILA - The Securities and Exchange Commission (SEC) has approved the operation of the first crowdfunding platform in the Philippines.

Conglomerate Filinvest Development Corp (FDC) said Friday it received SEC approval for its 50-50 joint venture (JV) with Investree Singapore.

The JV company will operate under the name Investree Philippines.

Investree aims to connect startups and micro, small and medium enterprises (MSMEs) with institutional investors to boost their capital growth, FDC said.

"We believe that Investree is a good channel for SMEs to tap in their drive towards reestablishing and growing their businesses and contributing to the country’s economic recovery and growth," Josephine Gotianun-Yap, FDC President and CEO, said.

Investree Singapore started operating this crowdfunding model in Indonesia in 2015, serving its MSMEs. It then expanded to Thailand, and now the Philippines.

The country has been rallying with its efforts to support MSMEs as they comprise 99.5 percent of businesses in the Philippines, employing 62 percent of total workers and adding 36 percent to total sales.

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