THE SENATE and the House of Representatives on Wednesday ratified the bicameral conference report on a measure that seeks to cut the tax on stock transactions to 0.1% from 0.6%, a move that experts hope will boost the Philippine stock market.
At the same time, Congress also ratified the bicam report on the measure that will raise the capital of the Development Bank of the Philippines (DBP).
“We have come up with a piece of legislation that seeks to promote capital market development, increase capital mobility, and enhance financial inclusion,” Senator Sherwin T. Gatchalian said, referring to the Capital Markets Efficiency Promotions Act.
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