The move of the House of Representatives to amend the economic provisions of the Constitution is not getting any support outside the halls of Congress.
Yesterday, Malacañang said it won’t support the economic Charter change (Cha-cha) train in the House of Representatives, while a Catholic prelate stressed that a country that is rid of corruption attracts more foreign investors rather than a foreign investor-friendly Constitution.
Presidential spokesman Edwin Lacierda asserted that making the country an attractive investment destination could be implemented without tinkering with the 1987 Constitution.
Improving the country’s competitiveness could actually be done through “executive fiat,” such as Executive Order 184 that eased some restrictions on foreign ownership of some businesses, Lacierda said.
“Do we necessarily have to amend the Constitution? Some groups say, ‘yes we have to.’ But the belief of our President and we believe that we can do better the economy – I mean, make it more palatable to, for instance, foreign investment, is … making better the mechanisms within what we have right now and going through executive action,” Lacierda said in a Palace news conference.
Lacierda said President Aquino recently issued EO 184 that provides the 10th regular Foreign Investment Negative List (FINL) covering investments areas that are open to foreigners and reserved to Filipinos.
Under the new list, foreigners can now invest in lending companies, financial companies, and investment houses as well as practice more professions in the country.
MANILA BULLETIN
