House Speaker Ferdinand Martin G. Romualdez and Ilocos Norte 1st District Rep. Sandro Marcos have thrown their support behind the Philippine Stock Exchange’s efforts to spur the growth of the capital market.
Romualdez and Marcos joined industry stakeholders in a forum on legislative reforms for the Philippine stock market, jointly organized by the PSE and UBS Philippines.
Albay 2nd District Rep. Joey Salceda, chairman of the House Committee on Ways and Means, addressed the participants on advancing a more resilient capital market.
Romualdez’s presentation centered on the theme “Legislative Reforms: Building a Robust Philippine Economy.”
PSE president Ramon Monzon conveyed his appreciation to Romualdez, Salceda, and Marcos for incorporating capital market reforms into their legislative agenda.
Among these measures is the reduction of the stock transaction tax under the Capital Markets Efficiency Promotion Act.
Monzon emphasized the urgency of addressing prevailing market challenges.
“We need to address the issues ailing our market: high friction cost, low liquidity, lack of products and low retail participation. The key leaders of the House of Representatives here today have addressed the first issue of friction cost by introducing and passing a bill that will reduce the stock transaction tax from 0.6 percent to 0.1 percent,” Monzon said.
He underscored the PSE’s continued commitment to initiatives aimed at attracting more listings, introducing new products and facilities, and expanding retail investor participation.