THE high number of foreign investment pledges in the first half of the year proves that investors do not fear the proposed reduction of corporate income tax (CIT) and rationalization of incentives under the government’s Comprehensive Tax Reform Program (CTRP), a senior official of the Department of Finance (DoF) said.
“Despite the persistent fear-mongering activities of certain groups, the international investment community continues to signal its confidence in the policies of the Duterte administration and in the strength of the Philippine economy and its workforce, as illustrated by the surge in FDI [foreign direct investment] pledges in the year’s first semester,” Finance Undersecretary Karl Kendrick Chua was quoted as saying by the DoF in a statement on Wednesday.
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