Sub-custody guide: Philippines
Regulators in the Philippines have recently taken a number
of steps to enhance the country’s capital markets. For example, from January
2015, the Bureau of Treasury (BTR) will implement non-restricted trading across
tax categories in the secondary market for local government securities, which
will provide additional investment avenues for tax-exempt institutions and
individuals. It is expected to increase liquidity in the bond market.
Tax treaties with Nigeria and Kuwait have also entered into
force, providing further tax benefits to foreign investors subject to
compliance with guidelines on tax treaty rates.
In 2015, the prospective merger of the equities and fixed
income exchange is expected to improve capital market efficiency. Further
liberalisation of foreign exchange rules and expansion of listed products are
also expected to be implemented, while the local tax authority is exploring how
it could obtain correct tax information and has issued regulations and
clarifications including the reporting of tax identification numbers of
investors.
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