(Bloomberg) -- Philippine central bank Governor Benjamin Diokno said the nation can benefit from disruption to global supply chains and called on the government to do more to attract foreign investors.
The Philippines, which is primarily linked to global networks through electronics and machinery exports, has an opportunity as the coronoavirus pandemic prompts countries to redirect trade and relocate production, Diokno said in a statement on Saturday.
“In the long run, the escalation of the U.S.-China trade war and the coronavirus pandemic could have a positive impact on the Philippine economy,” Diokno said, adding that both events could prompt firms to cut dependence on any single country.
“The executive, Congress, and the private sector have to unceasingly do more to further boost the country’s attractiveness to foreign investors,” he said.
Read more: Philippines Counts on a Building Boom to Soften Pandemic Blow
The Philippine economy has lost 1.1 trillion pesos ($21.7 billion) or 5.6% of gross domestic product since a lockdown in the main island of Luzon began in mid-March, according to the state planning agency. The figure is expected to reach 2 trillion pesos for the year.
©2020 Bloomberg L.P.