Phillip Securities Securities Lending Programme.

[KopiKat]

Well, I think there is some risks involved.

What if your shares is lend out to a third party, who
cannot return back the shares ?

Need to be careful especially when markets took a sudden
downturn.

No, there is no risk for you. the risk is bourne by the broker or CDP if borrower goes belly up. to me it is a no brainer to participate in the CDP SBL.

From CDP SBL,

Risks

What happens when the borrower defaults on the return of the securities or on the SGX Securities Borrowing Terms and Conditions?
We require all loans to be fully collaterised and manage all collateral pledged by borrowers. In the event of a default, we'll use the collateral to buy back the borrowed securities. However, if we are unable to buy back the securities from the market, you will be paid the cash value equivalent based on the last traded price on or preceding the date of default.

What do you mean "cash value equivalent"?
You may wish to note that while we guarantee the return of your loaned shares, we have the right to return the cash equivalent in the event that we are unable to. This could happen if we are unable to procure the shares in the market to meet your request.

For example, if you expect to receive your loaned securities on 1 June, and we are unable to return them to you, you'll be paid the cash equivalent. When the closing price for that security on 31 May is available, we'll use that price to determine the cash equivalent. However, if the last known closing price or last traded price is on 28 May, then we'll use that closing price to determine the value of your loaned securities.