Most investors fleeing from China turn to Vietnam, said Trade Secretary Ramon Lopez. But the Philippines is 'not entirely losing' as the country is still able to bag some new investments, according to him.
MANILA - The Philippines is "not getting the biggest chunk" of investments fleeing from coronavirus-epicenter China due to the country's lack of infrastructure, Trade Secretary Ramon Lopez said Thursday.
"I will admit, Mr. Senator, that we are not getting the biggest chunk. That can also be seen in the foreign direct investments," Lopez told Senate Minority Leader Franklin Drilon when asked about the Philippines' standing in the region as an alternative investment destination.But the Philippines is "not entirely losing" as the country is still able to bag some new investments, the Trade chief said.
Most Chinese investors seeking to relocate to Southeast Asia turn to Vietnam because of Hanoi's geographical proximity to mainland China, Lopez said.The executive branch hopes Congress would pass its second tranche of tax reform which will "immediately" cut corporate income taxes in the Philippines to 25 percent to lure more investors to the country, Lopez said."We have to continue to improve the environment sa atin through financial reforms and infrastructure," he said.
But under the Corporate Recovery and Tax Incentives for Enterprises Act , an "improved version" of the Corporate Income Tax and Incentives Rationalization Act , a "sunset clause" will be placed on "unlimited" incentives to ensure that the government can profit from industries that have been enjoying tax breaks and holidays for decades.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coronavirus strain in PH likely to have originated from India, expert says
Read more »
Internet child sex abuse contagion in PH: 8 out of 10 perpetrators related to victimsCEBU CITY—Cases of internet-based child sexual exploitation in the Philippines have tripled in as many years and eight out of every 10 perpetrators were related by blood or affinity to the child
Read more »
Galvez: PH ‘winning’ fight vs. COVID-19 pandemicThe government is so far
Read more »
Not flattening the curve yet: PH still on first wave of COVID-19 infections, expert saysThe Philippines has yet to move past the 'first wave' of COVID-19 cases, an infectious disease expert said as he contradicted claims that the country is now riding the second surge of infections.
Read more »
COVID-19 survivors in PH reach 3,000BREAKING: There are now 3,000 COVID-19 survivors in the country, while the number of confirmed cases has risen to 13,434.
Read more »