Metro Manila (CNN Philippines, December 15) — President Ferdinand Marcos Jr. is leaning toward studying changes in the economic provisions of the Constitution to attract more investors.
As lawmakers in the House of Representatives bared their plan to revive talks on amending the 1987 Constitution next year, Marcos was also asked for his thoughts during a chance interview on Friday.
“What we are looking at here is the opportunity cost of those who would like to invest here but somehow, the laws that derive from the Constitution when it comes to the economic provisions do not allow them to. Or, make it non-viable for them. So let’s study to see if it requires that or we can do it another way,” he said.
Marcos said his “primary interest” is to make the Philippines “investor-friendly.”
“We’ll see. The study is really not about the Constitution, it’s about what we need to change so that these potential investors will come to the Philippines,” he added.
Senate Minority Leader Koko Pimentel said remains firm on his reservations on amending term extensions and some economic provisions in the 1987 Constitution.
“To open up land ownership to foreigners, ako talagang totally against diyan kasi mauubos tayo niyan at ‘yong mayayamang dayuhan sila ang magla-land banking dito sa Pilipinas,” Pimentel explained on CNN Philippines’ News Night on Friday.
[Translation: I’m totally against opening up land ownership to foreigners because we would lose all of our land and those rich foreigners would engage in land banking in the Philippines.]
“Wag naman natin i-relax na pati ‘yong foreigners pwede nang directly they can exploit our natural resources,” he added.
[Translation: Let’s also not relax provisions that would allow foreigners to directly exploit our natural resources.]
Senator Robinhood Padilla, who chairs the committee on constitutional amendments, said the House plan has “no chance” in the Senate.
READ: House eyes using con-ass, people’s initiative to amend the Charter
He, however, expressed support if the House would pursue it by using people’s initiative, one of the three ways to amend the Constitution, aside from constitutional convention and constituent assembly.
Under Republic Act 6735, or the Initiative and Referendum Act, at least 12% of all registered voters must sign the petition to amend the Constitution. At least 3% of all registered voters in each legislative district must be represented in the petition.
“Divisive naman talaga kasi it’s a question of policy, ano ang mas ikakaganda ng pagpapatakbo ng ating bansa, pagpapalago ng ekonomiya ng ating bansa,” Pimentel said of charter change.
[Translation: It is divisive because it’s a question of policy on how to better run the country and grow the economy.]
