Foreign investments

TRAIN 2 could cost PH 90% of foreign investment, warns Aquino

Senator Bam Aquino. photo file / CATHY MIRANDA

SORSOGON CITY – Senator Bam Aquino has warned that 90% of foreign direct investment (FDI) in the country would withdraw if the Duterte administration insisted on pushing for its second tax reform package of laws to speed up and inclusion (TRAIN 2).

Aquino said that one of the reasons why there is a noticeable low inflow of FDI is due to the policy changes contained in the provisions of TRAIN 2, which are seen as hampering the inflow of investment into the country. .

Aquino, at a press conference on Sunday, said that when TRAIN 2 was pushed hard by the administration, “many investors were worried and frightened by the new policies that grant the incentives.”

Aquino, citing a statement from the Philippine Chamber of Commerce and Industry (PCCI), said investors threatened to withdraw 90% of their investment once the government insists on changing current grant policies. incentives.

“Why should we do this and endanger the jobs of our workers? Thousands of workers could lose their jobs once this law is passed, ”Aquino said.

As part of TRAIN 2, the government wants to push for a gradual lowering of corporate income tax from 30% to 25% while reducing the incentives currently enjoyed by large companies.

Aquino, who is seeking re-election to the Otso Diretso squad, has said he will reject the move from TRAIN 2 as he did with TRAIN 1.

Aquino was one of the senators invited by Senator Francis “Chiz” Escudero to the meeting of proclamation of the governor of the latter on the grounds of the Seminary of Our Lady of Peñafrancia Sunday afternoon.

Escudero, whose term as senator ends this year, is running for governor of Sorsogon under the banner of the Nationalist Peoples Coalition (NPC). / kga

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