Something big is happening in the global supply chain, and if the Philippines plays its cards right, significant manufacturing investments may come its way in the wake of COVID-19.
As a result, many American, European, and even Japanese and Korean companies are reportedly now planning—or have decided—to relocate their production bases out of China. These range from automotive and parts manufacturers to IT companies and pharmaceutical and health care services firms. Of course, the Philippines is just one of the possible recipients of these investment dollars leaving China. In fact, some analysts are not even including the country in their list of potential beneficiaries of the shifting investment landscape, pointing to Vietnam as the most likely pick.
Already in place is the Ease of Doing Business Act signed into law in mid-2018, which hopes to further address bureaucratic red tape by improving the efficiency and transparency of government procedures at all levels, down to the local government bureaucracy. Also in place is the Revised Corporation Code of the Philippines, which amended the 40-year-old Corporation Code to create a more business-friendly environment and improve the ease of doing business here.