Duterte says he is open to increase foreign business ownership in PH

Davao City mayor and presidential aspirant Rodrigo Duterte speaks in a business forum in Makati, Wednesday. NESTOR CORRALES/INQUIRER.net

Davao City Mayor Rodrigo Duterte is open to amend the Philippine constitution to increase foreign ownership in business corporations in the country.

“I can be comfortable with 70-30 percent [in favor of foreign ownership],” Duterte said in a business forum in Makati on Wednesday night.

Under the 1987 Philippine Constitution, foreign investors are only allowed to a maximum of 40 percent ownership, which means Duterte’s proposal needs a constitutional amendment.

“Yes, I am amenable to that,” he said, adding that a constitutional convention would be needed.

But amid the interest of foreign investors to own real properties in the Philippines, Duterte said he was not “keen” on and “comfortable” in selling land in the country.

“Businessmen are interested to know if they can own lands here. Maybe for manufacturing, I can lease the land, and even for agricultural venture, but I am not keen about selling land. I am not comfortable,” the mayor said.

“I can give you lease renewable for 40 years. That is a lifetime. But if you leave the country, [it would be] automatic na (that) [you cannot pass it on to another corporation],” he added.

Duterte has earlier said that he would push for the creation of what he described as “business islands” to encourage more investors to the country if he is elected President in the May elections.

READ: Duterte eyes ‘business islands’ for lease by investors

He said one way of creating business islands would be to lease them to possible investors.

The mayor said he saw nothing wrong in leasing some of the country’s islands to investors because such a policy would not violate the Philippines’ territorial integrity. CDG

READ: Duterte: All systems go