Makati Business Club backs Charter change

The Makati Business Club (MBC) on Wednesday said it supports House Speaker Feliciano Belmonte Jr.’s proposal for Charter change, as now is the right time to remove certain restrictive economic provisions in the Constitution that hinder foreign investors from pouring money into the Philippine economy.

 

Government should take advantage of the international business community’s favorable view of the Philippines at the moment to open up certain sectors of the economy to foreign ownership, said MBC president Ramon Del Rosario said 

 

“Now is the opportune time to address the restrictive [economic] provisions in our economy, because we’re at what we call a ‘sweet spot’ where there are so many positive things happening in our country. Our economic growth and fiscal stability – all these things are working in our favor,” he said at the sidelines of the meeting between members of the House of Representatives and the Joint Foreign Chambers (JFC) and Philippine business groups.

 

“We in the business community are very united on this (Cha-cha),” Del Rosario added.

 

Leaders of JFC and local business groups met with Belmonte and other members of the House of Representatives to present their proposed legislation.

 

Aside from amending certain economic provisions in the constitution, the business groups are also pushing for the passage of a fair competition law, the Customs modernization law and the Freedom of Information Act.

 

Del Rosario said the worsening problem of unemployment can be solved if government amends certain “restrictive” economic provisions in the Constitution to encourage foreign investors to pour money into the economy.

 

He cited Japan as one of the countries that particularly looking at the Philippines as an attractive investment site since some Japanese companies want to transfer their manufacturing hubs from China in light of its worsening territorial row with Beijing.

 

Belmonte, in House Resolution No. 1, particularly wants to amend the following articles of the Constitution: Article II or the declaration of state principles and policies, Article XII on national economy and patrimony, and Article XVI which contains sections on foreign ownership.

 

The House Speaker inserted the phrase "unless otherwise provided by law" to certain portions of the current Constitution to indicate that the current restrictions will remain in place until Congress acts to amend them.

 

President Benigno Aquino III, however, has remained firm in opposing Cha-Cha, saying its supporters should prove first that amending the Constitution will benefit the country.

 

The 1987 Constitution was ratified during the administration of Aquino's mother, the late President Corazon Aquino.

 

“We’ve (MBC and other business groups) appealed to him directly and we’ve made our arguments, but he still needs to be convinced, Del Rosario said.

 

Del Rosario, however, is keeping his fingers crossed that the President may relax his stance on the issue, especially since leaders of both congressional chambers support the move to amend the Constitution. – VS, GMA News