Metro Manila (CNN Philippines, January 18) — The Financial Executives Institute of the Philippines says it is “strongly opposed” to lawmakers’ move to pursue Charter change while the country is still grappling with the pandemic.
In a statement on Monday, the group instead urges the government to entice foreign investors by passing pending economic bills.
“We agree that the economic provisions of the Constitution must be amended to make the country a more attractive investment destination,” it said.
“Having said that, we are strongly opposed to any initiative at this time to amend the Constitution. It is akin to undertaking house renovation while the family struggles to pay for the food, basic education, hospitalization expenses, and other basic necessities badly needed by the family.”
It echoed the statement of the Philippine Chamber of Commerce and Industry (PCCI) released last week suggesting that lawmakers prioritize and bank on bills that will boost the Philippine economy’s recovery.
These are the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, which is one step away from being enacted into law, and the Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) Act.
FINEX also asked President Rodrigo Duterte to sign into law the Financial Institutions Strategic Transfer Bill (FIST).
“We call on Congress to tackle the legislative initiatives on the economy at the earliest possible time, rather than devote its time and the country’s meager resources to a highly controversial and divisive issue at this time,” FINEX said.
PCC previously said it was supportive of the move to liberalize the restrictive economic provisions of the Constitution, the PCCI stressed it was “cautious at the timing and manner by which the Constitution is being proposed to be amended.”
“This should be done in a deliberate and careful manner that will continue to make the Constitution withstand various economic interests but especially the test of time,” PCCI President Benedicto V. Yujuico was quoted as saying in the statement.
“While it may be the fastest option, inserting the provision ‘unless otherwise provided by law’ in sections of the Constitution that limit foreign equity to 40 percent in business ventures that are considered of critical interest to the Filipino people, could potentially weaken the country’s highest law by making it easier for ordinary legislation to amend the Constitution,” he said.
Talks for the resumption of constitutional amendments started in early January in the House of Representatives.
Part of the proposed changes to the charter is the resolution filed by House Speaker Lord Allan Velasco last July 2019 that targets to ease foreign ownership of lands, educational institutions, public utilities, and mass media firms.
