MANILA - The Philippines is currently a "hard sell" to foreign investors as the country reviews corporate income taxes and incentives, the head of a European trade group said on Wednesday.
While Vietnam has attracted $15 billion in investments last year, Malaysia $49 billion and Singapore around $110 billion, the Philippines got only $1.1 billion, said Guenter Taus, chairman of the European Chamber of Commerce in the Philippines.
"We are not sending the right signals to entice people to set up manufacturing in the Philippines," Taus told ANC's Market Edge with Cathy Yang.
"Incentives are certainly not enough," he said.
Taus earlier warned that proposals to remove incentives under the second package of tax reforms might make the country less attractive to investors.
The ECCP chairman is in Europe to promote the Philippines as an investment destination, but he admitted that the country won't be easy to sell to potential investors.