The Guardian newspaper reported on Tuesday that the business interests of the Treasury minister has the potential to raise questions, with Mr Philp responsible for public spending on housing and planning.
Mr Philp, according to the register of members’ interest, retains a shareholding of over 15% in Pluto Capital Management, as well as Pluto Partners, Pluto Silverstone Co Invest, Pluto Monza Co Invest and Pluto Development Partners.
Pluto Finance, which The Guardian reported is ultimately owned by Pluto Partners, offers lending to housebuilders and property developers.
It is also part-owned by the Universities Superannuation Scheme.
The minister is not believed to be a director in any of the companies and his interest in them has been previously declared.
A Government spokesperson said: “The Ministerial Code sets out the process by which Ministers, following their appointment to a new role, should declare and manage their interests, working with their Permanent Secretary.
“The Chief Secretary to the Treasury is now going through this process in line with the Ministerial Code, following his appointment just last week.”