The Commission on Filipinos Overseas (CFO) encourages Filipino migrants and their families in their journey toward economic security to take advantage of the lowered stock transaction tax (STT) by investing in the Philippine bourse.
As the government agency tasked to strengthen the ties of the Filipino diaspora to the Philippines politically, socially—and, in particular, economically—the CFO is geared to provide mechanisms that channel remittances and investments from Filipino migrants into national development and economic growth.
One such mechanism is the Philippine Financial Freedom Campaign popularly known as PESO Sense. The program champions an online platform for financial literacy materials that aim to promote savings and investment acumen among Filipino migrants and their dependents. The PESO Sense Facebook page, which has 3.9 million followers, serves as the extension of the website that allows the campaign to reach more users through social media channels. With an average of 7 million social media reach monthly, the PESO Sense is one of the leading financial social media pages in the Philippines.
During the Special Bell-Ringing Ceremony on Tuesday to mark the effectivity of the Capital Markets Efficiency Promotion Act (CMEPA) attended by President Ferdinand “Bongbong” Marcos Jr., PSE President and CEO Ramon Monzon highlighted how the recently concluded partnership between the CFO and PSE would provide an avenue for streamline the investment know-how and services from PSE to CFO’s primary constituents—permanent and long-term migrants.
“[PSE] also entered into a Memorandum of Understanding (MOU) with CFO, under which PSE will showcase its PSE Academy website along with its online and mobile-app based platforms for disclosures, market data, and initial public offering subscriptions in the webinar and training sessions we will conduct for Filipinos staying overseas for good,” Monzon said.
The partnership is also expected to welcome the PSE as one of the partner resource agencies of the CFO’s BaLinkBayan Project which provides overseas Filipinos with various services such as information on philanthropic initiatives and donation drives in the Philippines, investment and business opportunities, and government services tailored for Filipinos outside the country.
CFO Chairperson Dante “Klink” Ang II during the MOU Signing Ceremony with PSE last June 17 said,“More importantly, we wish to leverage this partnership to engage with the diaspora giving them opportunities to take part in national development beyond remittances through investments.”
Monzon also emphasized on the importance of reducing the STT to encourage growth participation in the stock market.
He added, “While the reduction in STT is expected to boost market activity, it is not the panacea that will solve our market’s liquidity issue. We must also continue to find more ways to get more people to invest in the stock market instead of spending for non-essentials or throwing their hard-earned money in online gambling.”
The STT, which was previously set at 0.6%, the highest in Southeast Asia, is now at an all time low at 0.1% making investing into the Philippine capital market more lucrative for investors both in the Philippines and abroad.
About the Commission on Filipinos Overseas
The Commission on Filipinos Overseas (CFO), established under Batas Pambansa Blg.
79, is dedicated to the welfare and empowerment of Filipinos permanently or extendedly residing abroad. The CFO also engages with the Filipino diaspora in order to strengthen their social, economic, and cultural ties with the Philippines.
Distinct from the Department of Migrant Workers which caters to overseas Filipino Workers (OFW) and other temporary migrants, the CFO’s primary stakeholders include Filipino permanent migrants, dual citizens, spouses and partners of foreign nationals, individuals under the Exchange Visitor Program, au pair participants bound for Europe, and Filipino descendants overseas.
For more information, please contact the CFO Office of the Secretary through osec@cfo.gov.ph
