MANILA, Philippines — The Philippine Stock Exchange (PSE) said it is looking forward to working with newly appointed Finance Secretary Ralph Recto in introducing reforms that would further deepen the capital market.
In a statement yesterday, the PSE’s board of directors chaired by Jose Pardo, and management led by president and CEO Ramon Monzon, expressed confidence Recto would fast-track fiscal reforms “needed to ensure the country’s economic growth, which will help boost investor confidence.”
“We look forward to working with him in introducing reforms to further develop the Philippine capital market.”
The PSE said that as a long-standing public servant, Recto’s “dedication, hard work, extensive experience and innate desire to uplift the lives of Filipinos will be an invaluable asset to President Marcos’ economic team.
Recto, the PSE’s leaders said, is no stranger to the capital market.
“He is the legislator behind Republic Act 9243 or the act rationalizing the provisions on the Documentary Stamp Tax of the National Internal Revenue Code of 1997 which introduced for the first time a documentary stamp tax exemption for stock transactions through the local stock exchange,” the PSE said.
Outlining his plans, Recto said he would push for the passage of the Capital Markets Development Act and pursue reforms in public and private pensions, prioritizing the interests of beneficiaries while ensuring actuarial health and fund sustainability.
Inheriting a running budget deficit of P1.11 trillion and an outstanding debt of P14.5 trillion, Recto said he would advocate for the immediate passage of key tax reforms endorsed by the President as priority measures to Congress.
As a legislator, Recto authored and sponsored a number of economic measures such as the Tax Reform for Acceleration and Inclusion Act, Universal Healthcare Act, Rice Tariffication Act, Ease of Doing Business and Efficient Government Service Delivery Act, General Tax Amnesty, Rationalization of Excise Tax on Automobiles, and the Social Reform and Poverty Alleviation Act.