Special Assistant to the President for Investments and Economic Affairs Frederick Go said the Capital Markets Efficiency Promotion Act has now been transmitted to the President’s office for the signature of President Ferdinand R. Marcos Jr. soon, hopefully.
“The law has been passed by Congress. I believe it will be enacted into law in the next 30 days,” Go said at the recent Let’s CREATE MORE Manufacturing in the Philippines roadshow in Makati City.
The domestic roadshow is in support of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) law.
Go said once the bill is enacted into law, it would be the first time the country would cut the capital gains tax for stock transactions from 0.6 percent to 0.1 percent.
He said the bill is critical to building the Philippine stock market by reducing friction costs and boosting liquidity. He said he also looks forward to the participation of more investors in the Philippine capital markets once the bill becomes a law. (With PNA)