PH’s foreign investors’ commitments dropped 71% last year
The Philippines’ foreign investment pledges fell 71 per cent to P11.2.1 billion in 2020 amid the prolonged COVID-19 pandemic, according to the recently-released Philippine Statistics Authority (PSA) data.
The data revealed that the foreign investment approvals in 2020 was the lowest in three years, since the P105.7 billion in 2017.
The data covers the investments approved by seven investment promotion agencies (IPAs), who can give away tax and other perks to incoming investors and locators. These are the Authority of the Freeport Area of Bataan (Afab), Board of Investments, BOI-Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), Cagayan Economic Zone Authority (Ceza), Clark Development Corp. (CDC), Philippine Economic Zone Authority (Peza), and Subic Bay Metropolitan Authority (SBMA).
