Makati City: Special Assistant to the President for Investments and Economic Affairs Frederick Go announced Friday that the Capital Markets Efficiency Promotion Act is being forwarded to the Office of the President, with the expectation that President Ferdinand R. Marcos Jr. will sign it into law within a month.

According to Philippines News Agency, Go emphasized that Congress has already passed the law, and it is now in the process of being transmitted to the President's office. Speaking at the Let's CREATE MORE Manufacturing in the Philippines event in Makati City, Go expressed confidence that the bill will be enacted into law within the next 30 days.

Once signed, the new law will mark the first reduction in the capital gains tax for stock transactions in the country, decreasing it from 0.6 percent to 0.1 percent. Go highlighted the importance of this bill in enhancing the Philippine stock market by reducing transaction costs and increasing market liquidity.

He also expressed optimism about attracting more investors to the Philippine capital markets following the bill's enactment. Go urged market participants to increase their stock transactions, noting that the reduction means less tax revenue for the Department of Finance, but with increased trading volume, the Bureau of Internal Revenues can still meet its targets.