This is a re-posted Senate press release.
Senator Edgardo J. Angara stressed the need to prioritize changing restrictive policies on foreign investment that hinder the growth of our economy in any move to amend the Constitution.
“Our present constitution limits foreign ownership of Philippine-based companies to 40 percent, which either drives off investors or pushes them to use dummies. Opening up land development, transport, service, media and education sectors should be the focal point of the proposed charter change,” said Angara.
“Our country is ready for change that will open up our economy to more investments, which will translate into more jobs for our people,” he explained.
Angara added, “Growth and development in other countries are relatively faster because the economic provisions of their constitution are more flexible.”
However he warned that the issue may soon turn divisive as it had been in the past. Angara said that amendments to the Constitution must be made early in the term of President Aquino to avoid suspicions that the intention is to extend the terms of incumbent officials.
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Source: Press Release, Official Website of the Senate of the Philippines, Oct. 2, 2011
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