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SOURCE: Press and Public Affairs Bureau



13 March 2018 05:15:50 PM

The House committee on ways and means on Tuesday approved a substitute bill seeking to establish a regulatory and tax framework to enable collective investment scheme (CIS). Amendments previously proposed by the panel on Section 28 of the unnumbered substitute bill were adopted by the committee on economic affairs. The section covers tax treatment of the CIS. Resource speakers from the Department of Finance and the Bangko Sentral ng Pilipinas (BSP) offered insight during the deliberations presided by committee vice chairperson and Deputy Speaker Sharon Garin. BSP Managing Director Mary Jane Chiong said the BSP supports the bill because it promotes a level playing field across CIS vehicles, prevents tax arbitrage, and fosters the liquidity of the market. Committee members present at the proceedings included Reps. Gloria Macapagal-Arroyo, Deputy Speaker Romero Quimbo, Reps. Joey Sarte Salceda, Evelina Escudero, and Olga Kho. (CMB Engracia/P Camero)