State-approved foreign investment pledges plunged to its lowest level in three years in 2020 after falling by 67.5 percent in the fourth quarter, which an analyst blamed on the inaction on the proposed Corporate Recovery and Tax Incentives for Enterprises (Create) Act.

Philippine Statistics Authority (PSA) data showed on Wednesday that pledges approved by seven investment promotion agencies — the Board of Investments (BoI), BoI-Bangsamoro Autonomous Region in Muslim Mindanao, Clark Development Corp., Philippine Economic Zone Authority, Subic Bay Metropolitan Authority, Authority of the Freeport Area of Bataan and Cagayan Economic Zone Authority — reached P26.49 billion in October to December, lower than the P112.11 billion a year earlier.

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