New tax law spurs ‘dramatic’ retreat from long-term bank savings

MANILA, Philippines — The new law ending tax breaks on long-term time deposits has triggered a “dramatic” exodus from those savings products, leaving banks and policymakers to wonder where the cash will flow next.

Michael Angelo Kho Samson, who chairs the capital markets development committee of the Bankers Association of the Philippines, said member-banks had…

https://business.inquirer.net/549243/new-tax-law-spurs-dramatic-retreat-from-long-term-bank-savings