Marcos open to change Constitution to fit 'globalized world'

Metro Manila (CNN Philippines, January 24) — President Ferdinand Marcos Jr. said the 1987 Constitution has to be updated to boost the country's economic growth.

"The 1987 Constitution was not written for a globalized world," Marcos said in a one-on-one interview with GMA News anchor Pia Arcangel on Tuesday.

"We have to adjust so that we can increase the economic activities in the Philippines, we can attract more foreign investors," he added.

Marcos also said the economic provisions of the Constitution should be prioritized to reduce barriers and lure foreign businesses.

The Constitution restricts foreign ownership to 40% of public services such as energy, water, and transportation. It also prevents foreigners from owning land in the country, which Marcos said he refuses to amend.

Marcos claimed that affluent foreigners paying large sums of money to buy property will cause land values to rise.

"The old residents cannot pay for the real estate tax, kasi nawala na sa market nila, tapos papaalisin natin iyang mga iyan (because it's no longer within their market, and they would be driven away). I don't think I agree with that," he stressed.

The president added that he is willing to discuss full foreign ownership of corporations "except in critical areas, such as power generation, media, [and] all the strategic areas that we cannot allow to be influenced by a foreign entity, be it a corporation or another country."

Marcos also said he does not rule out amending the Constitution's political clauses.

"We can have these discussions later on. But for the present day, my concern is the economic provisions, and I don't want to confuse the issue any longer," he explained.

The president raised the issue of constitutional term limitations, saying he does not know yet if extending it could be beneficial to the country. He pointed out that mayors who have run out of terms nominate their wives or children for the position while running for vice mayor.

"Let me just continue talking about it and see what's the best thing we can do. I do not want to jeopardize the success of the amendments to the economic provisions by putting any other issues. Let's keep the issue clear," Marcos said.

Critics of charter change have warned that it is motivated by a desire to modify the political system and remove term limits, particularly those for the president, who can currently serve only one six-year term.