Philippine share prices rebounded on Monday as investors focused on the passage of the second package of tax reforms, rather than the reimposition of the enhanced community quarantine (ECQ) in Metro Manila and nearby provinces.
The main PSEi gained 63.15 points or 0.97% to 6,607.78. The broader All Shares index rose 20.30 points or 0.51% to 3,988.09.
"Shares continued to rally as investors and business groups welcomed the signing of the much-awaited CREATE into law, noting the reduction in CIT rate would suppor recovery," Luis Limlingan, head of sales at Regina Capital Development Corp., said in a mobile message.
President Rodrigo Duterte last week signed into law the Corporate Recover and Tax Incentives for Enterprises (CREATE) measure, which reduces corporate income tax to 25% for corporations and 20% for micro, small, and medium enterprises.
Monday was the first day of the reimposition of ECQ measures in NCR Plus— Metro Manila, Cavite, Laguna, Rizal, and Bulacan—which will last until the end of Sunday, April 4.
Over 2.880 billion shares, valued at P7.266 billion, changed hands. Decliners led advancers, 116 to 97, and 44 issues were unchanged. — BM, GMA News