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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