as the Capital Market Efficiency Promotion Act, which aims to boost stock market volumes to benefit the funds of the Government Service Insurance System, the Social Security System, and Philhealth, as well as corporate pension plans provided to employees.
2. Expansion of the definition of shares of stock to include options, derivatives, and short-selling, and the removal of the gross receipts tax of 7 percent on net trading gains by banks and financial institutions; andThe expansion of the definition of shares of stocks was made upon the proposal of the Philippine Stock Exchange. .
The substitute bill also removed the debt transaction tax originally proposed in HB 8958, at the suggestion of a position by the Bankers Association of the Philippines. Salceda also pushed the Securities and Exchange Commission to undertake measures to protect small retail investors in the stock market.