The Finance Department said the recent decision of two foreign companies to invest P110 billion in local companies reflects a vote of coincidence in the Duterte administration. Finance Secretary Carlos Dominguez III said in a statement the move by Macquarie Infrastructure Management (Asia) Pty. Finance Secretary Carlos Dominguez IIIMacquarie Infrastructure Management is a member of Macquarie Infrastructure and Real Assets, one of the world’s largest infrastructure asset managers. Dominguez said that along with the P45-billion investment of Japan Tobacco International, following its acquisition of Mighty Corp., the total foreign direct investment from these two sectors alone would reach P110 billion. Mighty, through JTI, already remitted to the BIR P3.44 billion on July 20, representing the initial tranche of its tax settlement.

Source: The Standard August 24, 2017 12:00 UTC