April 17, 2023 | 12:31 am
Two business groups expressed support for changes to the 1987 Constitution, but only if it would cover the economic-related provisions.
“Our stand is that we agree, provided that it is limited to the economic provisions,” Benedicta Du-Baladad, Management Association of the Philippines (MAP) president, told reporters last week.
She said the Charter change should also be done through a constituent assembly.
“The reason being, in a constituent assembly, you can actually limit the coverage of what we can do. It would also be faster…and less costly for us,” she said.
Ebb Hinchliffe, executive director of the American Chamber of Commerce of the Philippines (AmCham), said the business group is supportive of the move to amend economic provisions of the Constitution.
“The rest (of the proposed amendments), we will leave it to the Filipino people — whether they should change the term limit of the President — that is up to the Filipinos, not the foreign chambers,” Mr. Hinchliffe said in a chance interview in Taguig City last week.
Lawmakers have sought proposed amendments to the 1987 Constitution, claiming that this would help encourage more foreign investments into the Philippines.
Mr. Hinchliffe said the Philippines has already made “big progress” after it allowed 100% foreign ownership for investments in the renewable energy sector.
This after the Justice department issued a legal opinion in October last year which said that renewable energy projects were not covered by the then 40% limit on foreign equity under the 1987 Constitution.
“We support the economic changes to the constitution. That is the best thing we can do to get more foreign direct investments in the country. Overall, we’re making big progress with the foreign ownership of renewable energy,” Mr. Hinchliffe said.
The House of Representatives passed a resolution last month in support of a constitutional convention (con-con), where House members would serve as delegates to propose amendments or revisions to the Constitution.
However, six business organizations, which include the Makati Business Club and Financial Executives Institute of the Philippines, earlier said a con-con would be too costly.
“Investors look for stability when making investment decisions. The possibly lengthy and fractious process of amending the constitution may make investors take a wait-and-see attitude for an extended period of time and therefore derail the impact of the reforms,” the business groups said.
Robinhood Ferdinand C. Padilla, chair of the Senate Committee on Constitutional Amendments, is pushing to amend the charter through a constituent assembly, which means that Congress itself will pass amendments to the Constitution with a three-fourths vote of all its members. — RMDO