Second, it is cheaper for Filipinos to invest in other ASEAN countries, which have no or lower withholding tax on dividend payments. For example, in Brunei, Malaysia, Myanmar, Singapore, dividends on shares earned by Filipinos are not subject to withholding income tax. In Vietnam, it is 5%, while in Laos and Thailand, it is 10%. The proposal should be a cause for concern. Significantly, despite our good macroeconomic fundamentals and growth of online investments in the recent past, less that one percent of our population is still trading in our stock market, compared to Thailand at 3.9%, Malaysia at 5.8%, and Singapore at 25.9% of their population.