Philippine Stock Market Rises Post CREATE MORE Act IRR Signing, Peso Declines

In Manila, the Philippine Stock Exchange index (PSEi) saw a significant increase on Tuesday, buoyed by the recent signing of the implementing rules and regulations (IRR) for the CREATE MORE Act, aimed at corporate recovery and tax incentives. The PSEi closed at 6,094.96, marking a 1.69 percent rise, while the All Shares index also advanced by 1.88 percent to end at 3,678.94. Luis Limlingan, head of sales at Regina Capital Development Corporation, noted that the market’s positive close was driven by investor optimism following the IRR’s approval on corporate tax reductions. Most sectors ended the day in positive territory, with the Property sector leading gains at a 3.32 percent increase. The only sector not to follow this trend was Mining and Oil. On the trading floor, there were 101 stocks that advanced compared to 72 that declined, with 64 remaining unchanged. Conversely, the Philippine peso weakened against the US dollar, finishing the day at 58.15, down from 58.03 the previous day. The peso fluctuated between 58.08 and 58.29 during the trading session. Trading volume also increased, reaching USD1.67 billion from USD1.16 billion the day before.