The Philippine Stock Exchange (PSE) has launched a campaign urging Congress to provide greater tax incentives for companies listing on the bourse.
According to the PSE's President, Francis Lim, the exchange wants Congress to pass a bill which will provide a number of tax benefits - such as lower corporate income tax rates, for example - to companies who list their shares on the local bourse.
Similar schemes are already in place in several other Asian countries, and Lim believes that introducing such a scheme to the Philippines would boost stock market activity and give the PSE a stronger position in the negotiations for an integrated ASEAN stock market.
“We’re now drafting the proposed bill which hopefully Congress can start working on,” Lim announced, going on to explain:
"We are currently at a disadvantage since we only have 246 listed companies while other regional exchanges have several hundred issues more. We need to come up with a new scheme to beef up the listing otherwise we might be overwhelmed by the other exchanges."
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