DOF cites inclusive financial system a Duterte presidency – Manila Bulletin

DOF cites inclusive financial system a Duterte presidency – Manila Bulletin

Finance Secretary Carlos Dominguez III has cited the initiatives of the Capital Market Development Council (CMDC) to make the Philippine financial system “broad-based and inclusive” as among the many lasting legacies of the physique beneath the Duterte administration.

In step with President Duterte’s purpose of financial inclusion, Dominguez stated the digitalization and different enhanced company governance practices carried out by CMDC has strengthened the nation’s financial system

The CMDC has, amongst others, helped democratize bond investing; assisted the federal government in swiftly transferring a number of measures in Congress; and incentivized small and medium enterprises (SMEs) to broaden their sources of capital by way of the equities market, Dominguez stated.

“Since 2016, this Council has helped rating main victories in pursuit of our mission to develop our capital markets and make the financial sector extra vigorous and inclusive,” Dominguez stated through the CMDC’s assembly in December final yr.

“We have been transferring in a short time in prodding each the federal government and personal sectors in reimagining the best way they transact enterprise with the general public and in making it simpler for Filipinos to take a position out there by way of digitalization,” he added.

Co-chaired by Dominguez, Benedicta Du-Baladad of the Financial Executives Institute of the Philippines (FINEX) and Securities and Exchange Commission (SEC) Chairperson Emilio Aquino, the CMDC is a coordinating physique tasked to facilitate the event of the capital market.

“A extra broad-based and inclusive financial system will probably be one of many lasting legacies of this Council on the Duterte watch,” Dominguez, who heads the President’s financial group, added.

Dominguez pointed, for example, to the total implementation of the Real Estate Investment Trust (REIT) Act, “which has turn into a highly effective financial instrument for the property growth sector and our small traders.”

He assured the CMDC that the Duterte administration will work “till the final minute of its time period” to pursue the reforms wanted to additional deepen the Philippine capital markets.

These reforms are the congressional approval of the Capital Market Development Act (CMDA) and the Passive Income and Financial Intermediary Taxation Act (PIFITA).

The Duterte administration can even “proceed to try for enhanced investor safety, improved company governance, the centricity of shareholders, and broader investor participation within the Philippine capital market,” Dominguez stated.

He thanked his fellow CMDC members “for embracing the imaginative and prescient of inclusive financial progress” of the Duterte administration.



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