President Ferdinand R. Marcos Jr. said he is more interested in reviewing existing business-related laws rather than amending the 1987 Constitution to make the country more “investment friendly.”
“We’re just beginning to study [the laws] because we keep talking about economic provisions that are getting in the way with some of the potential investors that we are trying to bring to the Philippines,” the Chief Executive told reporters in an interview after the inauguration of the Poblacion Water Treatment Plant in Muntinlupa.
He made the remark when asked if he supportive of the push of the House of Representatives to amend the 1987 Constitution.
Rather than the Constitution, he said, it is the laws, which are derived from it, which cause “opportunity cost” for investors making the country non-viable for them.
“That’s why the study is really not about the Constitution. It’s about what we need to do—what do we need to change so that these potential investors will in fact come to the Philippines,” Marcos said.
Earlier this week, House Speaker Ferdinand Martin G. Romualdez announced that they will push for the constitutional amendment next year.
The lawmaker said he wants to “lift the restrictive” economic provisions of the Constitution.
Sen. Koko airs caution on Cha-cha call
Senate Minority Leader Aquilino Koko Pimentel III said Friday he is open to the idea of revisiting Charter change, which Sen. Robin Padilla pitched earlier this week.
However, he said in a radio interview he will be very cautious or wary of proposals to allow foreigners to own land in the country, a concept that he sees has potentially dangerous implications.
Pimentel said he is open to Padilla’s proposal to amend the term limits for nationally elected officials, specifically, to cut the terms of the President and Vice President from six years to four, but with one reelection allowed.