Foreign investment pledges plunge for the Philippines

Philippine President Rodrigo Duterte has gravitated towards cooperating with China and Russia, instead of the United States and the European Union.
Philippine President Rodrigo Duterte has gravitated towards cooperating with China and Russia, instead of the United States and the European Union.PHOTO: AFP

MANILA - Foreign investment pledges to the Philippines plunged by half last year (2017) in what some analysts saw as a sign that Asia's second-fastest-growing economy may be losing its sheen as President Rodrigo Duterte continues to pivot away from traditional allies.

The Philippine Statistics Authority (PSA) reported that investment pledges slid 51.8 per cent from 219 billion pesos ($5.55b) in 2016 to 105.6 billion pesos last year.

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