Billionaires Enrique Razon Jr. and Jaime Augusto Zobel de Ayala are both supporting the amendments of the economic provisions of the Philippine Constitution, a ticklish issue among politicians and the public as it feeds fears on lengthening the term of those currently in elected positions.
“I think we just (should) change it (the Constitution) all the time… change it every five years, change it every three years. It’s a piece of paper. You don’t follow it anyway. You don’t follow a law, what’s the point. I think we just change it all the time,” Razon, a port magnate, said during the Stratbase ADR Institute’s forum.
Razon, who controls most of the profitable shipping container ports in the country, said that while the idea of having more competition, foreign competition may seem unpalatable to many in the local business, the end result remains favorable for the country as a whole.
“What is good for a country is to open it up for investment. That is not necessarily good for me as a businessman. You know that’s good for our country although you have to suffer at least–more competition,” Razon, who also owns Solaire Casino, said.
“Eventually that will be very healthy and good for everybody,” he said.
Zobel, chairman and chief executive officer of Asia’s oldest conglomerate, Ayala Corp., meanwhile said the economic provision in the Constitution, which in particular requires certain sectors to be limited to 40 percent foreign ownership, makes foreign capitalist “uncomfortable.”
Zobel said businesses “should do what is good for our country.”
“An open environment is good for our country. I think there are limitations in our Constitution that makes foreign investors uncomfortable. I think we should release those to allow people to come in and invest. And the economic provision should be opened up and make it easy for people to come in,” he said.