LGU and GovernanceFEF Backs Charter Change to Remove Economic Restrictions

FEF Backs Charter Change to Remove Economic Restrictions

-

- Public Service Reminder -spot_img

The Foundation for Economic Freedom (FEF), a group of prominent economists and former government officials, has issued a statement supporting the amendments to the “restrictive” economic provisions of the 1987 Constitution.

The FEF said that the current constitutional provisions have hindered the country’s economic growth and development for decades, and that removing them would attract more foreign investments and create more opportunities for Filipinos.

The group cited the low foreign direct investment (FDI) inflows to the Philippines compared to its ASEAN neighbors, despite the enactment of liberalization laws in the previous administration. The FEF said that the Philippines is one of the last countries where restrictions on foreign ownership are embedded in the Constitution, and that this sends a negative signal to potential investors.

The FEF also pointed out that the constitutional restrictions limit the development of sectors where the Philippines has great potential, such as mass media and renewable energy. The group said that these restrictions create uncertainty and difficulty for policy makers to adapt to changing economic conditions.

The FEF proposed to fully liberalize and lift the following restrictions in the 1987 Constitution by allowing up to 100% foreign ownership for the following, unless otherwise provided by law:

  • Exploration, development, and utilization of natural resources;
  • Ownership of alienable lands of the public domain;
  • Transfer or conveyance of private lands;
  • Certain areas of investments;
  • Operation and management of public utilities;
  • Ownership of educational institutions; and
  • Ownership of mass media and advertising.

The FEF said that these amendments would make the Philippines more competitive and attractive to foreign investors, and would also benefit the Filipino people by creating more jobs, improving public services, and enhancing the quality of education, culture, and information.

The FEF urged the Congress and the public to support the charter change initiative, which is currently being deliberated by the House of Representatives.


Discover more from Cavite News

Subscribe to get the latest posts sent to your email.

cavite.news
cavite.newshttps://cavite.news
We, the people of Cavite, recognize that in order to achieve our goals and aspirations, we need to be empowered and well-informed of the news and events that affect us and our cities and towns. We need to have access to accurate, relevant, and timely information that will enable us to make informed decisions and take appropriate actions.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest news

Court issues arrest warrants in 2018 slay of Trece Martires vice mayor

TRECE MARTIRES CITY, Cavite — A Cavite court has issued arrest warrants for five suspects in the 2018 killing...

Bacoor mayor seeks Marcos’ support for drainage, flood control projects

BACOOR CITY, Cavite — Mayor Strike B. Revilla has appealed to President Ferdinand Marcos Jr. for funding and intervention...

‘Vault Cutter’ Gang Hits Vape Shop in Tagaytay, Steals P237,000 in Goods, Cash

TAGAYTAY — Suspected members of the so-called “Vault Cutter Gang” looted a vape shop in Tagaytay City, Cavite, taking...

New Mount Carmel Church to Rise as Faith Landmark in Kawit’s Evo City

KAWIT, Cavite – The Our Lady of Mount Carmel Church, now in the final stages of construction in Kawit's...
- Advertisement -spot_imgspot_img

P20-M worth of shabu seized in Cavite buy-bust; 2 arrested

Authorities arrested two alleged high-value drug targets and seized more than P20 million pesos worth of methamphetamine in a...

Philippines’ longest underground irrigation system still feeds Cavite farms

The Bancod–Palauit Irrigation System (BPIS), the country’s longest underground irrigation network, continues to supply water to farmlands in Cavite...

Must read

Offset Shares a Video of Cardi B Giving Birth to Baby Kulture

What was expected of her was the same thing...
- Advertisement -spot_imgspot_img

You might also likeRELATED
Recommended to you