Proponents of the proposal to amend the 36-year-old Philippine Constitution have agreed to concentrate on lifting its “overly-protective” economic provisions, which they claim limit the influx of foreign capital.
House Speaker Martin Romualdez outlined the agenda in line with his peers’ drive to encourage investments to boost economic activity, create job opportunities, reduce poverty, and lower the prices of goods and services.
The consensus comes at the heels of Congress’ attempt to amend the 1987 Constitution.
“The proponents of the lifting of the economic provisions in the Constitution agree on one thing, opening the economy-wide for inflow of foreign capital is the key to address the aspirations and ideals of Filipinos in present times,” said Romualdez, the Philippine Constitution Association president.
The House committee on Constitutional Amendments, chaired by Cagayan de Oro Representative Rufus Rodriguez, wrapped its second hearing last week with the participation of experts, legal counsel, economists and progressive organizations.
Aside from hearings in the House, Rodriguez has scheduled public discussions and dialogues in other parts of Luzon, Visayas and Mindanao.
Rodriguez earlier raised his position that the Charter should relax its economic restrictions or the 60-40 rule instead of focusing too much on political amendments.
The House Speaker, meanwhile, highlighted the need for foreign direct investments by citing data and experiences of other countries culled from Congressional Policy and Budget Research Department reports that demonstrate how FDI boosts economic growth.