Philippine stocks jump Thursday on tax reform
Tax reform bill set for vote in Senate
The Philippine benchmark rose by as much a 0.75% on Thursday, its first gain in three sessions, after the lower house of Congress approved the long-awaited tax reform bill Wednesday, reports Reuters.
The tax reform package is a key piece of President Duterte’s economic policy and its passage critical to his administration’s economic growth goals. The bill will now move to the Senate for final approval.
Telecom PLDT Inc was up almost 3%, and real estate firm Ayala Land jumped 2%.