Citira could boost FDI

Foreign direct investments (FDI) in the country could recover this year once the Congress approves the proposed reform on corporate income tax, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said.

“We estimate around $8 billion [this year] but that’s early in the game because if Citira is approved, it could exceed $10 billion,” Diokno told reporters in an interview on the sideline of the central bank’s annual reception for the banking community held at the BSP Complex in Manila on Friday night, referring to the proposed “Corporate Income Tax and Incentive Reform Act.”