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Philippines is targeting foreign investment with Singapore style tax law, says finance secretary

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The Philippines' new law will reduce corporate income tax and boost foreign investment into the country, finance secretary Carlos Dominguez said.

A new Singapore-inspired tax law will reduce corporate income tax and boost foreign investment in the Philippines, finance secretary Carlos Dominguez told CNBC, as the country moves to speed up its economic recovery.

"We patterned our program after the Singaporean system," he said in reference to its coordinated strategy of attracting and incentivizing overseas investments. People wearing protective masks are seen at a busy street in Manila, the Philippines, March 20, 2021."Now we are coordinating them and we are making sure that these agencies provide incentives that are transparent, that are time-bound, that are performance-based, and attract the investments that we actually want in this country."Duterte's PDP-Laban party since coming into power in 2016.

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