Duterte open to increasing foreign business ownership to 70%

Presidential candidate Rodrigo R. Duterte said he is open to amend the Constitution and give foreign investors more leeway in terms of business ownership in the country.

"I can be comfortable with 30-70  (percent in favor of the foreign investor). I can maybe convince the country if we decide to change the Constitution," the Davao City Mayor said during the Wallace Business Forum in Makati City on Wednesday night.

Presidential candidate Rodrigo Duterte speaks in front of business community in Makati || @gmanewsbreaking pic.twitter.com/cl39ewYpMI

— Jon Viktor Cabuenas (@jvdcabuenas) February 3, 2016

Under the Constitution, foreign investors are allowed ownership of only up to 40 percent.

"We have to convene a Constitutional Convention. 60-40 (percent in favor of the foreign investor) would be most reasonable... Me, I'll go as much as 70 percent," Duterte said at the sidelines of the event.

If elected President, Duterte would also allow foreign investors the option to lease lands for a timeframe of 40 years.

"I can give you lease (which would be) renewable for 40 years. That is a lifetime. But if you leave the country, automatic na you cannot pass it on to another corporation," he said.

This comes on the heels of the interest expressed by foreign businessmen to acquire real property in the country.

"Businessmen are interested to know if they can own lands here. Maybe for manufacturing, I can lease the land, and even agricultural venture. I am not keen about selling land, I am not comfortable," he said. — BAP, GMA News