President Ferdinand Marcos Jr. has thrown his full support behind the ongoing efforts to amend the 1987 Constitution, underscoring the move as crucial for the nation’s future development and prosperity.
Speaking to lawmakers, government officials, and members of the Philippine Constitution Association, President Marcos outlined his vision for a reinvigorated Philippines, one that can better navigate the challenges of the 21st century through essential constitutional reforms.
“Our country’s economic well-being is a distinctly important concern.
Many sectors of our society, particularly business, have pointed to certain economic provisions in the Constitution that inhibit our growth momentum,” Mr. Marcos said.
The President emphasized that the current Constitution, while having served the country well for over three decades, contains provisions that now pose limitations to economic growth, foreign investment, and governance efficiency.
“Anchored on these restrictive provisions, there are laws that prohibit certain kinds of foreign investments, thus limiting our economic potential and our global competitiveness,” he said.
“That is why since the 8th Congress, there have been no less than 300 measures filed in the House of Representatives calling for the amendment of these economic provisions of our Constitution,” he added.
Speaker Ferdinand Martin G. Romualdez, who was at the same event as Philconsa president, welcomed the President’s statement on the need and urgency for amending the Constitution’s “restrictive” economic provisions.
“The President made it clear that these provisions hinder the entry of foreign investments and the potential for faster and inclusive economic growth, which in turn could translate into a better life for every Filipino,” he said.
“We are happy that he also took note of our consistent advocacy in the House of Representatives for changing those restrictive provisions for more than three decades since the 8th Congress, or since 36-37 years ago,” the leader of the 315-strong House said.
Romualdez also lauded the President’s assurance that his support for reform, to quote him, “extends to economic matters only… nothing more.”
“At the risk of being ‘makulit’ (stubborn), we have been saying that we do not advocate any political amendment,” he said.
President Marcos highlighted the need for amendments that would allow greater flexibility in the economy, particularly in opening up sectors currently restricted to foreign investors.
“We must allow this healthy and democratic debate to rage on, engaging and informing the minds of our citizenry, especially since the socio-economic development of our country is directly involved,” he stressed.
“I will neither hinder this dialogue, nor encroach on the prerogatives of Congress and the sovereign will of the Filipino people. Ourbicameral Congress and our built-in system of checks-and-balances are wonders to behold. We must allow our democratic institutions and mechanisms, made possible by our constitutional order, to take their natural course,” he added.
Mr. Marcos expressed his belief that changes in the 1987 Constitution are vital to attract more foreign direct investments, create jobs, and stimulate economic growth.
“I want to make it clear: This Administration’s position in introducing reforms to our Constitution extends to economic matters only, or those strategically aimed at boosting our country’s economy. Nothing more,” he pointed out.
“In any event, this Administration is going to continue to push hard to attract more foreign investments to significantly help us achieve our ambition of upper middle-class income status by 2025,” he added.