MANILA - Share prices closed at a fresh all-time high on Thursday, as investors anticipated the passage of President Rodrigo Duterte's tax reform package.
The Philippine Stock Exchange Index closed 1.13 percent higher to 8,144.
"Investors are anticipating the approval of a revised tax reform to be passed in October," Regina Capital managing director Luis Limlingan told ABS-CBN News.
The prospect of higher tax revenues would make the equities market more attractive towards the end of the year, Larrgo Securities dealer Pepito Gaviño told ANC.
President Rodrigo Duterte is seeking higher taxes on fuel and sugar-sweetened drinks to offset a planned reduction in personal income tax rates and fund a P8-trillion infrastructure program. -- with a report from Michelle Ong, ABS-CBN News