Business groups back moves to amend economic provisions in Constitution

By: 11 years ago

Speaker Feliciano Belmonte. INQUIRER FILE PHOTO

MANILA, Philippines—Business groups expressed their support for the proposed resolution in the House of Representatives that seeks to amend the economic provisions of the Philippine Constitution.

The House resolution filed by Speaker Feliciano Belmonte Jr. seeks to ease the foreign restrictions in the Constitution by inserting the “unless otherwise provided for by law” phrase in the provision granting 60-percent ownership to Filipinos and 40 percent to foreign investors.

Makati Business Club chair Ramon Del Rosario Jr. said the restrictions impede the flow of foreign direct investments (FDI) in the country.

He said foreign investments would create more jobs to address unemployment.

“The message we would like to convey here is that we really need to put everything we’ve got together to try and address this issue, including things like looking at our Constitution and what are the restrictions there that impede the inflow of our investments into our economy,” Del Rosario said.

The lower chamber met on Wednesday with the Joint Foreign Chamber of Commerce and Philippine business groups for the latter to discuss their proposed measures and their priority reform bills in the 16th Congress.

European Chamber of Commerce vice president Henry Schumacher added that it is time to remove the restrictions on FDI.

“I think the time is now to do it. I think we need more (FDI) and from that point of view, it makes sense to remove the obstacles,” he said.

Charter change main proponent Belmonte had said he would make sure that the resolution would only be limited to economic provisions and would not be used to change the system of government.

Charter change has failed in the previous Congresses due to criticisms that it could be used to extend the term limits of public officials.

Belmonte said the resolution would reach the plenary for debate before March ends.

He also said he is confident the lower chamber would approve the resolution with a three-fourths vote.