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

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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Biden Tax Plan Takes Aim at Trump-Era Investment IncentiveThe Biden administration says it’s trying to spur investment in America—while proposing to remove a four-year-old tax break that was intended to do exactly that Waiving IPs will make this even worse Tax break didn't spur investment.... Time to get rid of it and actually pay for real investment. The rich have gotten richer, time for them to end their greed and look to fixing our nation. A “tax” break that the companies flat out said they weren’t going to reinvest on workers before it even passed.
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