Lawmakers agree to lift economic provisions that restrict FDI inflows

By Butch Fernandez butchfBM

Jovee Marie N. dela Cruz joveemarie

scheduled public discussions and dialogues in other parts of Luzon, Visayas and Mindanao.

“ The proponents of the lifting of the economic provisions in the Constitution agree on one thing, opening the economy wide for inflow of foreign capital is the key to address the aspirations and ideals of Filipinos in present times,” Romualdez said.

Representatives--voting separately.

“ To accelerate economic growth, and fulfill its international commitment, the Philippines must amend its Constitution by removing these restrictive economic provisions to allow foreign businesses to directly invest in a more conducive landscape,” he said.

Padilla chairs the Senate Committee on Constitutional Amendments and Revision of Codes.

Speaker Ferdinand Martin G. Romualdez said congressional deliberations on the proposed Constitutional amendments are more focused now on the need to encourage investments that would further stimulate economic activities, create job opportunities, reduce poverty and lower prices of goods and services.

Meanwhile, Senator Robin C. Padilla on Wednesday took the first major step towards amending the economic provisions of the 1987 Constitution, saying it would help the economy better respond to the needs of the times.

Romualdez made a statement following the Constitution Day celebration in Malacañang, with President Ferdinand R. Marcos Jr. as guest of honor.

Romualdez, who is Philippine Constitution Association (Philconsa) 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 said aside from hearings in the House at the Batasan complex in Quezon City, the committee chaired by Cagayan de Oro City Rep. Rufus Rodriguez has

“ That is why, when the President in his travels as the number one salesman of the country, we are often asked that after you have made so much progress and gains in opening up the Philippine economy, the last missing piece of the puzzle remains, how about your restrictive Constitution? That is why we in Congress are facing up to this question and to this issue that burns to our minds today and may actually open up the aspirations of the Filipino people for tomorrow,” he added. 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.

Amendments via Con-Ass IN Resolution of Both Houses No. 3, Padilla proposed the changes to the Charter via constituent assembly, with both Houses of Congress—the Senate and House of