Foreign investment pledges in Philippines fell 71% in 2020

MANILA (Philippine Daily Inquirer/ANN): Amid the prolonged Covid-19 pandemic which caused business uncertainty and a recession, foreign investors’ commitments to set up shop in the Philippines fell 71 percent to P112.1 billion in 2020.

The foreign pledges approved by seven investment promotion agencies (IPAs) last year dropped from the record-high P390.1 billion, based on the Philippine Statistics Authority (PSA) data released on Wednesday (Feb 24).

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Philippines , economy , 2020 , foreign , investments


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