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Deputy Majority Leader and Iloilo Rep. Janette Garin said proposed economic amendments in the Constitution Change will make the Philippines more friendly to foreign investments and should attract more investors to its shores.
On March 29, the US Trade Representative cited foreign ownership limitations in the Philippines as one of the barriers to trade and investments, while the Milken Institute’s Global Opportunity Index report for 2024 said the country ranked 91st out of 130 nations when it comes to attractiveness to foreign investors due to financial access.
She acknowledged “it’s obvious that there is a problem with the Constitution of the Philippines,” referring to the economic aspect of the Charter. “What is preventing us from taking off with our own Constitution. That’s natural, because nobody is perfect. So that’s being admitted now, but the don’t understand.She said one of the concerns of foreign investors is not being able to own land in the Philippines because the Constitution prohibits it.
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