PART OF the Duterte administration’s 10-point socioeconomic agenda, ultimately aimed at significantly reducing poverty, is the plan to ease the almost three-decades old restrictions on foreign investors.
According to President Rodrigo R. Duterte’s economic managers, this administration will “pursue the relaxation of the constitutional restrictions on foreign ownership, except with regards land ownership, in order to attract foreign direct investments (FDI).”
In a speech on June 29 at a forum hosted by Yuchengco-led Rizal Commercial Banking Corp., Finance Secretary Carlos G. Dominguez also noted of the pros of shifting to a federal form of government, another reason why the Duterte administration wants Charter change.
“We will have to address the need for constitutional renovation. This will help facilitate growth dispersal by empowering governments. It will alter the system of representation, enabling our marginalized sectors to more meaningfully participate in policymaking. It will clear all the obsolete economic orthodoxies enshrined in the existing charter,” Dominguez said.
BUSINESS
BUSINESS
BUSINESS
Calls for amendments
Multilateral institutions have long been advising the Philippine government to revisit the foreign investment restrictions enshrined in the 1987 Constitution.
