MANILA, Philippines – Amending the economic provisions of the Constitution is no guarantee for faster growth or bigger foreign investments, but a stable economy is, President Aquino said yesterday.
“If I’m asked my personal opinion, I don’t think Charter change is a necessary tool, a necessary move at this point in time. I don’t agree that it’s the way to grow the economy,” Aquino told Palace reporters.
The 1987 Constitution was conceived during the administration of his late mother, former President Corazon Aquino.
Aquino’s Liberal Party allies in the Senate and in the House of Representatives – among them Sen. Franklin Drilon and Speaker Feliciano Belmonte Jr. – were pushing for changes in the economic provisions of the Charter through a constituent assembly.
Many lawmakers have expressed belief that some provisions in the Constitution are turning off foreign investors and hampering growth.
Although not keen on having the Constitution amended, Aquino stressed he is open to discussing the matter with his political allies.
“Of course I need to hear both sides. We’re in a democratic country, at least all of these ideas should be explored,” he said.
He said China is alluring to foreign investors despite its being an authoritarian state, chiefly because of its stable economy and large market.
“We know how laws in China work but China has such a huge market and that’s what’s attracting investors,” he said.
Malacañang earlier said amending the Charter through a constituent assembly would be up to Congress but it would not be a priority of the Aquino administration.
“There is no priority to amend the Constitution, whether it’s limited to the economic provisions. (Budget) Secretary (Florencio) Abad has already mentioned the reasons for investor confidence in the country, what we need to address in order for further foreign investment to come in,” presidential spokesman Edwin Lacierda said.
“However, we cannot impose on the legislature if that is what they are looking into. It’s something that we respect, their decision, but from the executive point of view… there is no need,” he said.
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By: Delon Porcalla
Source: The Philippine Star, Oct. 4, 2011
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