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Duterte's tax plan curbs foreign investment for 2nd straight year

Philippine FDI falls 23.1% to $7.6bn amid policy uncertainties and trade war

Downsizing announcements by Honda Motor, Wells Fargo and Nokia are giving Philippine President Rodrigo Duterte a headache.   © Reuters

MANILA -- Foreign investments in the Philippines plunged for a second straight year in 2019, as prolonged debates on amending corporate income tax rules and the U.S.-China trade war forced companies to put off expansion plans.

Now the coronavirus epidemic is threatening to slow the global economy and complicate legislative deliberations on the Corporate Income Tax and Incentives Rationalization Act, or Citira, which President Rodrigo Duterte said must be passed urgently.

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