Philippines sees sharp fall in foreign investment pledges

Analysts concerned as Duterte continues to pivot away from traditional allies

Since he took office in mid-2016, President Rodrigo Duterte has gravitated towards China and Russia, at the expense of his nation's decades-long ties with the United States and the European Union.
Since he took office in mid-2016, President Rodrigo Duterte has gravitated towards China and Russia, at the expense of his nation's decades-long ties with the United States and the European Union.PHOTO: REUTERS

Foreign investment pledges to the Philippines plunged by half last year 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 (S$5.5 billion) in 2016 to 105.6 billion pesos last year.

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A version of this article appeared in the print edition of The Straits Times on February 27, 2018, with the headline 'Philippines sees sharp fall in foreign investment pledges'. Print Edition | Subscribe