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Nikkei Asia

Philippine tax cuts spur hope for more IPOs in sluggish market

Traders work on the floor of the Philippine Stock Exchange in Metro Manila: People in the finance industry hope cuts in transaction taxes will breath life into the country's sleepy equity market. © Reuters KATRINA BIANCA CUARESMA MANILA -- On Tuesday morning last week, Philippine President Ferdinand Marcos Jr. rang the opening bell at the Philippine Stock Exchange (PSE) -- not for a new listing but to mark the first day of a law aimed at jump-starting the country's sluggish capital markets. The Capital Market Efficiency Promotion Act (CMEPA), a long-awaited reform designed to slash trading taxes and modernize market rules, took effect on July 1. By lowering transaction costs and bringing the Philippines in line with its ASEAN peers, the law is viewed as a foundational step toward revitalizing a market that has long lagged behind its regional counterparts in liquidity and investor participation.