MANILA, March 5 -- A measure seeking to boost the capital markets and the investment competitiveness of the Philippines by reducing taxes for stock transactions has hurdled the final reading at the House of Representatives.

During Monday's plenary session, the chamber approved on the third reading House Bill (HB) 9277 or the proposed Capital Markets Efficiency Promotion Act, with 270 affirmative votes, three negative votes, and one abstention.

The measure seeks to amend the Tax Code by reducing taxes on stock transactions from 0.6 percent to just 0.1 percent of stock value and the tax on dividends of foreign non-residents from 25 percent to 10 percent.

The proposal also imposes a debt transaction rate of 0.1 percent, in parity with the...