President Ferdinand R. Marcos Jr. on Tuesday vowed that the government will continue to pursue reforms to boost investor confidence and help the stock market grow.
He made the statement during the listing ceremony of Mynt Inc., the parent company of GCash, on the Main Board of the Philippine Stock Exchange (PSE).
The listing ceremony marked the start of public trading of Mynt’s shares on the stock market.
‘We will continue to pursue reforms that strengthen investor confidence and support the development of our capital market,’ Marcos said in his speech at the PSE Tower in Bonifacio Global City in Taguig City.
‘I hope that Mynt’s listing will also encourage other Filipino enterprises to pursue new avenues for growth and explore the stock market,’ he added.
Marcos said the timing of the listing was ‘especially meaningful’ as the stock market needs renewed investor interest and broader participation.
‘We recognize that investors have become more cautious and that attracting fresh capital remains a challenge. But Mynt’s initial public offering gives us reason for optimism,’ he said.
Marcos said the government had reduced the stock transaction tax from 0.6 percent to 0.1 percent through the Capital Markets Efficiency Promotion Act to lower trading costs and improve the competitiveness of the Philippine stock market.
He also urged private sector partners to continue investing in ideas, businesses, and technologies that create jobs and expand opportunities for Filipinos.
‘For its part, the government will continue to work to improve the ease of doing business, promote fair competition, and support responsible innovation,’ he said.
‘I hope this milestone marks the beginning for greater opportunities for Filipino enterprises, renewed confidence in our capital markets, and broader participation in our country’s economic growth,’ he also said.