Deputy Majority Leader and Iloilo Rep. Janette Garin said proposed economic amendments in the Constitution Change will make the Philippines more friendly to foreign investments and should attract more investors to its shores.
Garin made the assessment in response to two adverse economic outlooks on the Philippines from foreign institutions.
On March 29, the US Trade Representative cited foreign ownership limitations in the Philippines as one of the barriers to trade and investments, while the Milken Institute’s Global Opportunity Index (GOI) report for 2024 said the country ranked 91st out of 130 nations when it comes to attractiveness to foreign investors due to financial access.
In this light, Garin said she ‘definitely’ believes that economic amendments as contained in Resolution of Both Houses 7 (RBH 7) recently approved on final reading in the House of Representatives can make the Philippines more “investment-friendly.”
She acknowledged “it’s obvious that there is a problem with the Constitution of the Philippines,” referring to the economic aspect of the Charter. “What is preventing us from taking off with our own Constitution. That’s natural, because nobody is perfect. So that’s being admitted now, but the (economic Charter Change critics) don’t understand.
She said one of the concerns of foreign investors is not being able to own land in the Philippines because the Constitution prohibits it.
For instance, Garin said “if you are an investor who owes you billions of capital, let’s say, electricity, water or internet connectivity. If you are going to put your power plant, whether it be renewable energy or not, if that land is not yours, what will happen to your investment there?” Garin asked.
“So what you are saying is absolutely right and we have to do that now because we have been left behind. We’re already left behind, we’re just catching up, keep trying. So if we cripple the legs of the Philippines trying to catch up, we really have nowhere to go,” she added.
She also criticized the recent Pulse Asia survey indicating a large majority of Filipinos not favoring amendments to the Constitution, saying the questions were crafted poorly.