State-approved foreign investment pledges plunged to its lowest level in three years in 2020 after falling by 67.5 percent in the fourth quarter, which an analyst blamed on the inaction on the proposed Corporate Recovery and Tax Incentives for Enterprises Act.
The United States accounted for 36.7 percent or P13.4 billion of the pledges, followed by Taiwan with 12.1 percent and Japan with 11.7 percent .The fourth-quarter figure resulted in approved foreign investment pledges last year to sink by 71 percent year-on-year from P370.11 billion to P112.12 billion, the lowest since 2017’s P105.74 billion.
The measure also tmodernizes fiscal incentives by making them performance-based, targeted, time-bound and transparent.
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