Key Economic Officials Support Easing of 40% Foreign Ownership Restriction and Lowering of Corporate Tax Rate

The push to ease foreign ownership restriction of businesses and lower corporate tax rate gained further momentum after two key officials expressed support for the twin moves. Incoming economic chief Ernesto Pernia said that the 40% restriction on foreign businesses is preventing more investment inflow. Stella Quimbo, a commissioner of the Philippine Competition Commission, batted for lower corporate tax rate, noting that it…

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