Should the Philippines welcome more or lesser MNC’s to operate in the Philippines?

Explain your choice

and present the pros and cons of your decision. Moreover, give your comments if you agree or not on
the different criticisms about MNC’s presented in the uploaded learning material.

I think that there is still a need for Multi-National Corporations to operate in the Philippines
because these are important for the socio-economic development and globalization of our country.
Without them, we will not be as linked as we are today with other developing countries. They create job
opportunities and prosperity and generate much-needed foreign exchange for emerging economies
globally. Customers will also receive lower production costs and prices because of their operation’s size
and scope. Substantial income from their operations is also necessary for research and growth of a
country and most importantly, they become successful because they usually meet their consumer’s
preferences. However, operating corporations like these may negatively impact an economy as
monopoly power leads to higher prices for consumers and monopsony power in setting lower wages.
They cause cultural homogenization as local businesses struggle to thrive and compete with them which
can lead to local firms being pushed out in the business industry. Multi-National Corporations may have
criticisms, but one thing is for sure – they are in a powerful position to promote change in developing
countries individually or collectively. As globalization occurs, we cannot take the fact that these
corporations are one of the economy’s sources for its growth and development.