Lawmakers who are pushing for Constitutional amendments have reached a consensus to lift “overly-protective economic provisions” that restrict the inflow of foreign capital, the leader of the House of Representatives said on Wednesday. Know more:
Lawmakers who are pushing for Constitutional amendments have reached a consensus to lift “overly-protective economic provisions” that restrict the inflow of foreign capital, the leader of the House of Representatives said on Wednesday.
Romualdez, who is Philippine Constitution Association president, said the House Committee on Constitutional Amendments is currently conducting public hearings and consultations on proposed changes in the 36-year-old Constitution. He highlighted the need for foreign direct investments or FDIs by citing data and the experiences of other countries, culled from the reports of the Congressional Policy and Budget Research Department, which show how FDIs stimulate economic growth.
Romualdez lamented that the country has not been receiving as much FDIs as its neighbors are getting. The Speaker added that the Constitution prohibits foreign ownership in mass media and allows only 30 percent foreign capital in advertising agencies, and 40 percent in educational facilities. He said lawmakers “are currently swamped with requests from our constituents on the need to revisit certain provisions of the 1987 Constitution.”
“These economic provisions are perceived to be barriers to trade and investment responsible for the continuous decline of foreign direct investments, and placed the country as one of the most restrictive economies by international standards,” he lamented.
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