Skip to content From a global perspective, the forex market is a vast and lucrative entity, and one that sees an estimated $6.6 trillion traded every single day.
Despite this, some regions continue to take an adversarial view of forex trading, while even countries that have embraced this practice deploy stringent regulations and guidelines. The Philippines belongs to the former camp, despite the nation’s rise to prominence as a key economic hub in Southeast Asia.
But what are the precise rules and regulations surrounding forex trading in the Philippines, and what steps can aspiring traders take to enter this marketplace? Let’s find out.
Forex Trading and the Philippines – A Brief History
Despite facing numerous global uncertainties, the Philippine economy remained strong throughout 2019 and grew by an estimated 5.8% during the year.
Of course, the region’s growth has been interrupted by the coronavirus pandemic, and this will undoubtedly lower the forecast of 6.1% growth for 2020. However, it cannot be denied that the region’s increasingly diverse economy has boosted growth in Southeast Asia, with this trend set to continue in the longer-term.
As the region has grown, it has seen a larger number of people become interested in accumulating wealth and engaging in forex trading.
However, many have found that the Philippines’ Securities and Exchange Commission (SEC) continues to take an adversarial stance against forex trading in recent times, following increased instances of fraud and a series of heavy losses incurred by traders.
In fact, these events have caused the SEC to issue various warnings to discourage aspiring forex trading in recent years, even going as far to declare this practice illegal in some instances.