NEDA's Balisacan to lawmakers on Cha-cha: I hope they can agree very soon

Amid talks on Charter change, National Economic Development Authority (NEDA) Secretary Arsenio Balisacan on Friday expressed hope that lawmakers would soon agree on the mode of amending the 1987 Constitution as this would affect the country's investments.

''Well, I hope that they can agree very soon because we don’t also want those uncertainty because one of the factors that inhibit investments whether it’s domestic or foreign is state of uncertainty. So, we hope that our leaders will come to a common position quickly so that we can move on,'' Balisacan said at a Palace press briefing.

Asked about his position on Charter change, Balisacan said his position has been consistent for a long time — that the government needs to make the country more competitive.

Balisacan said restrictions to foreign investments should be eliminated. He mentioned that other nations usually attract huge investments because they have no constitutional restrictions.

The ongoing people's initiative led by the pro-Charter change group PIRMA proposes amending the 1987 Constitution to provide that the Senate and House of Representatives vote "jointly" in changing the fundamental law.

The Senate earlier issued a manifesto in which senators rejected the ongoing people's initiative gathering signatures for the proposed amendment on Congress voting "jointly" for Cha-cha.

The Senate expressed concern that if this people's initiative prospers, further changes to the Constitution can be done with or without the Senate's approval and even absent all the senators.

In response, Speaker Ferdinand Martin Romuadlez has committed to support an alternative people's initiative led by the Senate on proposed amendments to the economic provisions of the 1987 Constitution.

Earlier, President Ferdinand ''Bongbong'' Marcos Jr. said that the Philippines needs to adapt as the 1987 Constitution was crafted not in the context of a global community.

In an exclusive interview with Pia Arcangel which aired on GMA Integrated News' "24 Oras," Marcos said the least controversial way to amend the Constitution would be to look at its economic provisions—and that political changes can come later.

As it stands, the 1987 Constitution limits foreign ownership to 40% in public utilities such as electricity, water, and public transportation.

It also prohibits foreigners from owning land in the country, something that the President said he was unwilling to change. — RSJ, GMA Integrated News