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.
While the Philippines has "started to get the interest" of least 16 Wuhan-based companies and 119 other China-based firms, other investors from Asia's largest economy have opted to relocate to other Southeast Asian countries, Lopez told senators during a Senate Committee of the Whole hearing.
"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.
"Our effort to build the infrastructure, doon po tayo medyo talo," he said.But the Philippines is "not entirely losing" as the country is still able to bag some new investments, the Trade chief said."Ang Pilipinas po nakakuha din tayo. (The Philippines is also getting some investments.) We started to talk already to companies in China," he said, without giving details on the number of new investors in the country.
Most Chinese investors seeking to relocate to Southeast Asia turn to Vietnam because of Hanoi's geographical proximity to mainland China, Lopez said."It is like an extension of China," he said.PUSH FOR 'CREATE' LAWThe 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 are actually offering or asking companies what [incentives] do they need to come over," he said."We have to continue to improve the environment sa atin through financial reforms and infrastructure," he said.The Philippines' 30 percent corporate income tax rate is the highest in Southeast Asia, as its regional peers offer rates between 17 and 25 percent.
But under the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), an "improved version" of the Corporate Income Tax and Incentives Rationalization Act (CITIRA), 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.
The Philippine Economic Zone Authority earlier asked lawmakers to keep the status quo on incentives in economic zones which are "tried, tested and proven" to attract foreign investors, especially amid the global coronavirus pandemic. Read more: ABS-CBN News »
In a year, Vietnam will overtake Philippines economically. They are miles ahead in ease of doing business. No wonder Vietnam bagged many investors. They are adamant to transfer here because this government is not friendly to business, We knew why most foreign investors preferred our neighbor countries i/o PH, their edge vs PH. Then we should revised our policy for foreign investments. Seems 1 concern is labor cost in PH, quite higher but, we have to counter offer it by providing the benefits they get fr us.
If you have money to invest, do you invest in a country whose leadership is a puppet of the very country you are leaving from or a country whose leadership actually fights for its people and its sovereignty? Malaki ang puhunan ng mga investors. Hindi yan basta basta susugal sa bansa na hindi tumutupad sa napagusapan. Magbago lang presidente, pag hindi nya gusto, gigipitin o babaguhin ang kontrata.
POGO Ang SA Pilipinas Tax incentives NOT ENOUGH to attract investors. MOST IMPORTANT features govt must provide are - huge industrial parks with ready factory spaces - reliable electricity, water, waste disposal, internet services - guarantees agasinst work disruption via moratorium on labor strikes It wasn't an issue during last yr's administration
they observed during this crisis that Vietnamese government is more efficient. oh yeah? Baka tingin po Sa atin, 'Province.' not due to infra lack.. baket nla ililipat sa Pinas e sunud sunuran ang govt sa China.. Why should they come to the Philippines, so that the government can indiscriminately close down their operations if they happen to hurt the president's feelings?
foreign companies choose free trade zones. they offer free use of land, and tax free import within the zone. seems philippines doesn't have this. those companies check the status of such country mainly for corruption, politics, human rights, etc. sadly, we are poor on those. 'Build, Build, Build' .. this is just the beginning... Pres Trump agenda if re elected is try to entice US INVESTORS out of communists china and go back home
Countries like VN have a plan.... simple is that! Ask the secretary for concrete numbers. This way we know exactly how well or how poorly we fared in securing those exit from China investments. Quantify. Try TRAIN 2, 'inconsistent regulatory environment', 'high power and utility costs', 'poor infrastructure', 'diminishing incentives', 'environmental factors', perceived 'high labor cost' . Bright side? Our employees become low paying OFWs.
Coronavirus strain in PH likely to have originated from India, expert saysJaiHoPaMore Wonder how quickly it will take for all the anti chinese people to become anti indian now. in the name of Frienship.
Palace: PH still on first wave of COVID-19 infections
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 FemaleMolesters Or to be more precise: “Traffickers tended to be younger Filipina women, often family members of the victims.”
Galvez: PH ‘winning’ fight vs. COVID-19 pandemicThe government is so far Hahahah nabaliw na yang si Galvez! Nasa ibang mundo ata ang lolo niyo! Wala pa po 1% ng population ang tested kaya paano niyo po nasabing winning? Unconvincing interpretation of data, Backlogs, LOW number of test of per day how come it is winning,?
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. this is what happens when a Clown appoints other clowns for his Cabinet
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.