For the first time since he assumed office as Philippine President in June 2022, His Excellency Ferdinand R. Marcos Jr. rang the opening bell at the Philippine Stock Exchange on Tuesday, July 1, 2025. The bell ringing ceremony was hosted by PSE to mark the effectivity of Republic Act No. 12214 or the Capital Markets Efficiency Promotion Act (CMEPA), which brings down the stock transaction tax from 0.6 percent to 0.1 percent.
In his welcome remarks, PSE President and CEO Ramon S. Monzon mentioned that technology has enabled investors to access global markets and can now easily trade in markets where they can find attractive returns, manage risks, and trade with a minimum of friction costs. He further stated that while the PSE meets two of these investment criteria, it had the highest friction cost among the ASEAN-6 Exchanges with a stock transaction tax (STT) of 0.6 percent and a minimum broker commission of 0.25 percent each for a buy and sell trade. The minimum commission that stockbrokers may charge their customers was removed by SEC last April 2024. “Today, thanks to CMEPA, all trades at PSE will be subject to an STT of only 0.1 percent from 0.6 percent, finally making us competitive with our regional peers in terms of friction costs,” Mr. Monzon said.
He also expressed PSE’s gratitude to President Bongbong Marcos for the legacy that he will leave on the Philippine capital market with his approval of CMEPA.
Aside from the outright reduction in STT, another provision in the CMEPA that is relevant to PSE is the expansion of the scope of STT to include other securities listed and traded through the local stock exchange.
For his part, President Marcos highlighted in his Keynote Message the benefits of CMEPA for the nation and Filipino investors. “From now until the year 2030, CMEPA is projected to generate over Php 25 billion in net revenue– a substantial sum that can help fund the building of roads, bridges, hospitals, schools, other social safety net programs as well. But beyond revenue, CMEPA reinforces confidence, it shows that our financial system is becoming more equitable and structured for long-term stability. The reform is not just for the well-off and for the professionals, for the stock traders, it is for every Filipino who dreams of better financial security. It empowers the small business owner, the young professional, and the overseas Filipino worker to start investing their hard-earned money to build a better future.”
President Marcos also said, “This Act allows Filipinos to be true participants in our nation’s economic growth. This law enhances our competitiveness in the ASEAN region and strengthens the foundations of a capital market that can thrive on the global stage.”
“Today, as we ring the bell to open the market, we signal a new era of economic dynamism, investor confidence and sustainable growth. Let every ring– from this morning and every trading day thereafter– echo our strength, our optimism, our shared hope for a more prosperous future for all Filipinos.”
In attendance at the bell ringing event were Special Assistant to the President for Investment and Economic Affairs (SAPIEA) Secretary Frederick D. Go, Department of Finance (DOF) Secretary Ralph G. Recto, Senator Sherwin T. Gatchalian, Securities and Exchange Commission (SEC) Chairperson Atty. Francis Ed. Lim, heads of select publicly listed companies, and members of the PSE Board of Directors and Management Committee.
Photo 1 (from left): SEC Chairperson Atty. Francis Ed. Lim, Senator Sherwin T. Gatchalian, SAPIEA Secretary Frederick D. Go, DOF Secretary Ralph G. Recto, His Excellency Ferdinand R. Marcos Jr., PSE Chairman Jose T. Pardo, PSE President and CEO Ramon S. Monzon, PSE Directors Ma. Vivian Yuchengco, Chief Justice Teresita J. Leonardo-De Castro (ret), and Atty. Marilyn A. Victorio-Aquino.
Photo 2 (from left): Bank of Philippine Islands President and CEO Jose Teodoro G. Limcaoco, L.T. Group, Inc. Lucio C.Tan III, China Banking Corporation Chairman Hans T. Sy, GT Capital Holdings, Inc. Chairman Francisco C. Sebastian, SEC Chairperson Atty. Francis Ed. Lim, Senator Sherwin T. Gatchalian, DigiPlus Interactive Corp. Chairman Eusebio H. Tanco, SAPIEA Secretary Frederick D. Go, DOF Secretary Ralph G. Recto, His Excellency Ferdinand R. Marcos Jr., PSE Chairman Jose T. Pardo, PSE President and CEO Ramon S. Monzon, PSE Directors Ma. Vivian Yuchengco, Chief Justice Teresita J. Leonardo-De Castro (ret), and Atty. Marilyn A. Victorio-Aquino, BDO Unibank, Inc. Chairman Teresita Sy-Coson, San Miguel Corporation Vice Chairman and President and COO Ramon S. Ang, PLDT, Inc. Chairman Manuel V. Pangilinan, Robinsons Retail Holdings, Inc. Chairman Robina Gokongwei-Pe and GT Capital Holdings, Inc. Vice Chairman Alfred V. Ty
Photo 3 (from left): PSE Directors Jose Arnulfo A. Veloso, Ferdinand K. Constantino and Wilson L. Sy, SEC Chairperson Atty. Francis Ed. Lim, Senator Sherwin T. Gatchalian, SAPIEA Secretary Frederick D. Go, DOF Secretary Ralph G. Recto, His Excellency Ferdinand R. Marcos Jr., PSE Chairman Jose T. Pardo, PSE President and CEO Ramon S. Monzon, PSE Directors Ma. Vivian Yuchengco, Chief Justice Teresita J. Leonardo-De Castro (ret), Atty. Marilyn A. Victorio-Aquino, Edgardo G. Lacson, Eddie T. Gobing and Anthony M. Te.
