Confidence in the domestic capital market is still a key issue among investors, despite the “important steps” taken by the Securities and Exchange Commission and the Philippine Stock Exchange to improve corporate governance.
“The regulators should be provided with the resources and a clearer mandate to enforce corporate governance rules and guidelines, with a special focus on board and audit committee independence, related party transactions and cross-shareholdings.” “Listing fees are relatively high and the fee structure is more complex than in peer countries. While tax reforms are being proposed, an IPO tax and stamp duty tax affect the appeal of IPOs.”
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