Net inflows of foreign direct investment (FDI) in the Philippines reached an all-time high of USD10.52bn in 2021, exceeding the central bank’s USD8bn projection. Data released by the Bangko Sentral ng Pilipinas (BSP) showed FDI inflows in 2021 were 54.2% higher than the USD6.822bn seen in 2020 and surpassed the previous high of USD10.3bn registered in 2017. The BSP in a statement said that the growth in FDI reflected continued positive foreign investor sentiment on the country amid expectations of a rebound in domestic economic activity and declining COVID-19 reported cases, as well as the strengthening of the global economy. Rizal Commercial Banking chief economist Michael L. Ricafort said that investors were more bullish on the Philippines after the passage of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, which immediately slashed corporate income tax to 25%.
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