MANILA, Philippines — The stock market cheered the much awaited and highly anticipated ratification of the Duterte administration’s tax reform package. Most sectors ended in positive territory except for the mining and oil index, which would be affected by the increase in coal taxes. Congress on Wednesday ratified the final version of the proposed Tax Reform for Acceleration and Inclusion (TRAIN), which is expected to generate P130 billion in revenue. Part of the tax reform package is in increase in stock transaction tax from 0.5 percent of one percent on its gross selling price to 0.6 percent. The expected approval of the so-called tax reform bill was delayed by a last-minute disagreement over exempting local coal from the proposed higher levy on coal taxes.

Source: Philippine Star December 14, 2017 18:33 UTC