Revenue Regulations No. 1-2008 dated 1 February 2008 released by the Bureau of Internal Revenue of the Philippines (BIR) prescribes the following procedures and guidelines on securities listed on the Philippine Stock Exchange (PSE): -   tax treatment of securities borrowing and lending transactions; and -   procedures on the registration of the Master Securities Lending Agreement (MSLA). Tax treatment Securities borrowing and lending (SBL) transactions of shares of stock/securities listed on the PSE, including the delivery to and return by the lender or agent, is exempt from stock transaction tax, capital gains tax and documentary stamp taxes provided the...