MANILA, Philippines — Amid the prolonged Covid-19 pandemic which caused business uncertainty and a recession, foreign investors’ commitments to set up shop in the Philippines fell 71 percent to P112.1 billion in 2020.
The foreign pledges approved by seven investment promotion agencies (IPAs) last year dropped from the record-high P390.1 billion, based on the Philippine Statistics Authority (PSA) data released Wednesday.
PSA data showed the total foreign investment approvals in 2020 was the lowest in three years, or since the P105.7 billion in 2017.
The seven IPAs covered by the PSA report—Authority of the Freeport Area of Bataan (Afab), Board of Investments, BOI-Bangsamoro Aut…
Keep on reading: Foreign investment pledges fell 71% in 2020