Investments committed by foreigners fell by nearly a third to P19.55 billion in the first quarter of the year.
The government aims to address such poor performance with the new tax incentives regime that seeks to save firms badly hit by the pandemic-induced recession and, at the same time, lure new elephant-sized investment projects. The Philippine Statistics Authority’s (PSA) latest report on approved foreign investments showed that the end-March investment pledges registered by the country’s seven investment promotion agencies (IPAs) dropped by 32.9 percent from P29.14 billion a year ago.
PSA data showed that only the Authority of the Freeport Area of Bataan attracted more foreig…
Keep on reading: Foreign investment pledges down 33%