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(UPDATE) PRESIDENT Ferdinand Marcos Jr. on Friday said his administration was studying amending the economic provisions in the 1987 Constitution to make the country more attractive to investors.
The President made his sentiments on Charter amendments known after efforts to revise the Constitution’s “prohibitive” provisos gained traction in the House of Representatives.
Speaking to reporters in Muntinlupa City, Marcos said attracting investors to the Philippines was his “primary interest.”
“We’re just beginning to study because we keep talking about economic provisions that are getting in the way of some of the potential investors that we are trying to bring to the Philippines,” he said.
What he wants to do is relax the constitutional constraints “to try and make our country an investment-friendly place.”
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On Tuesday, Speaker Ferdinand Martin Romualdez said now was the time to loosen up the provisions limiting foreign ownership in certain industries.
The initiatives include exploring modes of charter change that will not involve the Senate, where previous efforts to amend the Constitution have fizzled out.
“I believe 2024 will allow us, again, to revisit the Constitution. I think it’s timely; we’d like to focus on the economic provisions,” said Romualdez, a cousin of President Marcos.
Romualdez said the House would study ways to amend the Constitution during its Christmas break from December 16 to January 21.
“We have to look at the procedural aspects of amending the Constitution. We must tackle that. And to make sure that the economic provisions are backed up, we must have a story of continuity in the government,” he said.
The 19th Congress’ legacy could be how it made the Constitution “more attuned, sensitive and responsive to the times,” Romualdez said.
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