In the Philippines, president to study whether constitutional change can help attract foreign investment

By Vivienne Gulla, 15 December 2023
Philippine President Ferdinand Marcos, Jr. (photo credit: Eloisa Lopez via Reuters)
Philippine President Ferdinand Marcos, Jr. (photo credit: Eloisa Lopez via Reuters)
President Ferdinand Marcos, Jr. on [15 December] said a study was being conducted to determine whether amending the 1987 Constitution would be necessary to make the country more investment-friendly. [...] “We’re just beginning to study. We keep talking about economic provisions that are getting in the way with some of the potential investors that we are trying to bring to the Philippines... So that’s the study: to see if it requires [Charter change] or if we can do it any other,” the President said. [...] Guided by economic provisions from the constitution, Philippine law outrightly bans foreign equity in mass media and small-scale retail trade. Foreigners are also limited to minority ownership in broadcasting, advertising, public utilities, private land and residential building ownership, schools, and deep-sea fishing, among others. [...] But for the President’s sister Sen. Imee Marcos, the move is not timely, and the government has other things to focus on. Critics warn politicians could use the charter amendment exercise to insert changes that would allow them to stay in power for longer. Marcos did not comment on the possibility of changes to the term limit.
Read the full article here: ABS-CBN News


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