HB09343: CAPITAL MARKET DEVELOPMENT ACT
House Bill No. 9343, or the "Capital Market Development Act," aims to expand the capital market by developing a robust institutional investor base, strengthening the regulatory environment, and promoting financial literacy. A key component of the bill is the establishment of a mandatory, fully funded, and portable Employee Pension and Retirement Income (EPRI) Account for all covered employees, with contributions from both employees and employers. It also creates a Capital Market Development Council (CMDC) to recommend policies and reforms, identify impediments, and promote investor confidence and financial literacy through a national investor education program.
The significance of this bill for the Filipino people lies in its potential to foster long-term financial security and economic growth. By institutionalizing a comprehensive pension system, it aims to provide a stable retirement income for employees, reducing poverty in old age and encouraging national savings. Furthermore, the emphasis on financial literacy and investor education will empower individuals to make informed investment decisions, participate more actively in the capital market, and build personal wealth, thereby contributing to a more financially inclusive and prosperous nation.