Not so long ago, the Philippines was bedevilled by warning signs to investors, from its corruption to its groaning infrastructure and a fuel crisis born of a war fought thousands of miles away. Those problems have not simply disappeared, but a flurry of business-friendly reforms – paired with ambitious plans to upgrade the nation’s railways, ports and power grid – now puts it in a stronger position to capture some of the billions of dollars seeking a home outside the region’s recent supply chain...