Approved investment pledges increased by 25% year on year in the first eight months of 2020 and investments in medium and long-term infrastructure projects have been continuous, said Board of Investments (BoI) Managing Head Ceferino S. Rodolfo said in an online press conference with the National Economic and Development Authority (NEDA).
Going into 2021, Rodolfo said Congress must pass legislation that can promote the Philippines as an investment destination. This includes the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), which would immediately cut corporate income tax to 25%.
Rodolfo also said that BoI is working closely with the labor and health departments to promote the gradual reopening of other sectors. He said there is still currently a 10 per cent unemployment rate, but “at least it was a drop from the 17.7% figure last April.”