Tolentino: Instability may discourage investors

Senator Francis Tolentino warned on Saturday that a ''legal regime of instability'' might affect investor confidence in the country.

In a statement, Tolentino said he agreed with the view of National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan, who said that one of the factors that inhibit investments is the state of uncertainty.

"Secretary Balisacan is correct, as the 'rift' will project a legal regime of instability, which is anathema to a sound investment climate," the senator said.

''It might deter investors who are likely to be cautious due to potential political and legal challenges ahead, impacting the overall investment confidence in the country.''

Earlier, Balicasan expressed hope that lawmakers would soon agree on the mode of amending the 1987 Constitution, as this would affect the country's investments.

On Saturday, the Cabinet official clarified, in response to media reports, that he never referred to the situation between the Senate and the House of Representatives over constitutional amendments as "discord."

''My stance has consistently been one of strong support for the proposed amendments to the restrictive economic provisions of our Constitution. I believe that these changes are crucial for the economic advancement and competitiveness of the Philippines. Amendments removing the restrictive economic provisions will provide a more fertile ground for both local and foreign investments, thereby fostering greater economic growth and development,'' Balisacan said.

''I commend the ongoing efforts of both the Senate and the House of Representatives in addressing these constitutional amendments. I believe that these discussions are being conducted with the nation's best interests in mind and with a shared goal of economic progress and stability,'' he added.

''It is crucial to highlight that, while supportive of these amendments, I also advocate for a balanced approach. This includes maintaining certain protections, such as the stance against full foreign ownership of land, as articulated by President Marcos.''

Senator Nancy Binay also issued a statement, saying that ''investors value stability.''

"Dapat alam po ng mga taong nasa likod ng people's initiative na may negatibo't direktang impact ang mga ganitong patagong galawang Cha-cha sa ating ekonomiya--pero itinuloy pa rin nila," she added.

(The proponents of the people's initiative should have been aware that their deceptive approach to Charter change would have a negative impact on the economy, yet they still went ahead with their plan.)

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.

Senators 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 without all the senators.

In response, Speaker Ferdinand Martin Romualdez has committed to supporting 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 "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. —VBL, GMA Integrated News