There is no need to amend the Constitution to attract foreign direct investment because there are other ways to do so, a professor told a Senate hearing on the Charter amendment on Friday.
“If you look at other World Bank reports, you just don’t read one; you read a lot, don’t you? they talk about the reasons why they don’t come: work, contracts, internet interconnection,” Professor Katrina Monsod from the law schools of Ateneo de Manila University and Far Eastern University told the Committee. constitutional amendments and revision of codes and laws, which revises the 1987 Constitution.
The 1987 Constitution limits foreign ownership of utilities and businesses to only 40%, while the remaining 60% is reserved exclusively for Filipino citizens or corporations.
“It’s all these other things. It’s not actions, it’s not actions. There are ways in which the legislature itself can change it,” she added.
In his opening address, Senator Robinhood “Robin” Padilla, chairman of the committee, stressed that it was high time to change the economic provisions of the 1987 Constitution to attract more foreign investment to the country.
Padilla argued that easing economic restrictions in the country would help the Philippines catch up with neighboring countries.
This, because he lamented that the “60-40” property rule that is enshrined in the Philippine Constitution only benefits the oligarchs.