By Binisha Ben
    Sept 20 (Reuters) - Most Southeast Asian stock markets fell
on Wednesday, while Philippines recovered, underpinned by hopes
of a tax reform package set to be taken up for discussion by the
country's Senate this week.
    Philippine shares rose 0.7 percent, after sliding 1.6
percent in the previous session, with energy Development Corp
 and Ayala Land rising 11 percent and 0.9
percent, respectively.
    "We are seeing a pickup in volumes and we expect foreign
funds starting to come back into the market," said Manny Cruz,
an analyst with Manila-based Asiasec Equities. 
    The tax reform package, approved by the lower house of
Congress in May, is aimed at generating revenue to fund a
multi-billion dollar infrastructure program and is key to the
government's economic agenda.
    Philippines' balance of payment (BOP) deficit this year
stood at $1.39 billion as of end-August, narrower than the $1.53
billion deficit in the same eight-month period last year, data
out after market close on Tuesday showed.
    Investors will also be watching out for the budget balance
data due later in the day.
    Other markets in the region were subdued as investors
awaited the outcome of the U.S. Federal Reserve meeting for
clues on its monetary policy.
    Malaysian shares fell 0.2 percent to their lowest in
two weeks. 
    Malaysia's consumer price index in August rose
3.7 percent from a year earlier, government data showed on
Wednesday, coming in a little above forecast.
    Singapore shares fell 0.2 percent, dragged down by
industrials. Jardine Strategic Holdings was the top
loser, shedding 3.2 percent.
        
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SOUTHEAST ASIAN STOCK MARKETS: Change at 0436 GMT
  Market           Current       Previous     Pct Move
                                 Close        
  Singapore        3220.04       3225.95      -0.18
  Bangkok          1670.8        1672.59      -0.11
  Manila           8221.86       8162.7       0.72
  Jakarta          5897.747      5901.326     -0.06
  Kuala Lumpur     1773.26       1776.66      -0.19
  Ho Chi Minh      804.01        805.93       -0.24
                                              
  Change on year                              
  Market           Current       End 2016     Pct Move
  Singapore        3220.04       2880.76      11.78
  Bangkok          1670.8        1542.94      8.29
  Manila           8221.86       6840.64      20.19
  Jakarta          5897.747      5296.711     11.35
  Kuala Lumpur     1773.26       1641.73      8.01
  Ho Chi Minh      804.01        664.87       20.93
 

 (Reporting by Binisha Ben in Bengaluru; Editing by Amrutha
Gayathri)