Business groups on Friday urged Congress to reconsider the proposed constitutional convention to amend the 1987 Constitution, saying it would cost too much and could spook investors.
"We respectfully urge the Senate — and the House, if and when the deliberations progress — to consider these and other points raised by our colleagues in various sectors as you decide on this potentially disruptive proposal at a time when the country may be poised to regain its economic momentum," read the joint statement of Filipina CEO Circle, Financial Executives Institute of the Philippines, Justice Reform Initiative, Makati Business Club, Philippine Women's Economic Network,...
"However, recently enacted laws and regulations like amendments to the Public Service Act, Retail Trade Liberalization Act, the Foreign Investment Act, the passage of the Rice Trade Liberalization Act 1 and the Department of Energy circular allowing 100% foreign ownership in the renewable energy sector 2 have addressed many of these impediments," they argued.
They also said funds set for the constitutional convention are better spent on pro-people programs in agriculture, transportation, and social services.
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