In the Bloomberg article dated MAY 7, 2020 The Bloomberg Article Here, it is seen that India is underway working to lure a massive 1,000 U.S. firms to transfer to India from China amid the pandemic situation, and this shows for the Philippines competition in terms of luring foreign investments to uplift the country and industrialize its economy.
The number of companies, if it will invest in a country, will create a great surprise in the GDP of that country and India has sent invitations and letters yet responded at the moment by the U.S. firms.
Conversely, I hope the Philippines had taken the same initiative as India to take the chance of a trade war, the COVID-19 pandemic, and recent statements and moves by Japan, the EU and most countries to bolt from China.
The Philippines should the same invite these 1,000 U.S. firms in competition with India and present our case as the best offer over all other countries' scouting transfer to other neighboring countries.
One big aspect of the offer is India's bent to change its tax and labor laws just to fit the convenience of US companies to invest. In the same manner, the Philippines should also look into the conditions of our tax and labor laws to mend the situation and eventually harvest the needed investments abroad.
It is an Investor market, believe it. the law of supply and demand rules.
India knows exactly how to address the problem of luring US companies out of China, and that is through tax and labor laws.
In our setting, there is no gainsaying that our own tax and labor regulations present a hostile picture to capitalists, that for an emerging economy like the Philippines, trying to engage a role in the supply chain of the world, we must be self-ready and make the necessary adjustments for the demand of times.
Because the news article presents a threat to the economy of the Philippines, it is time that we should so look at our situation and offer the same when necessary in the spirit of competition.
Because of that offer, we should hold back some of our tax and labor regulations just to make the economy of the country competitive with the international demands.
We will discuss at another time how the government and our local entrepreneurs can be tapped to augment foreign investments and serve as the backbone of our economy, i.e. to relieve private sectors of stiff regulations of the government and make the country livable for capital and investments both local and international so it may thrive and succeed in the international competition of world trade.
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