30 November 2005
National patrimony amendment in charter sought for RP's growth
A member of the Consultative Commission on Charter Change has expressed the need to amend the national patrimony provision in the 1987 constitution to make the Philippines more investment-friendly just like the rest of developing nations in Asia and the world.
Saying that the national patrimony provision is as important as the change in form, system and structure of government, Dagupan City Vice Mayor and ConCom member Alvin Fernandez Jr. said the Philippines can become more competitive if it will remove economic restrictions on foreigners investing their money into the country.
Fernandez invited the people of Pangasinan to attend a consultation to be conducted by the body on December 2 and let their choices of amendments on the 1987 Constitution be known and heard. The consultation with various sectors of the society in Pangasinan will be held at the Regency Hotel in Calasiao with up to eight ConCom members coming, he said.
Fernandez expressed confidence that an amendment to the national patrimony provision could be the key to the growth of the economy as it would attract more investors who will open jobs for the unemployed and underemployed citizens.
More foreign investments in the Philippines could reverse the trend that made the government the number one employer of the people in this country, Fernandez said.
Saying the restrictions of land ownership by 40 per cent to foreigners imposed by the 1987 charter had discouraged investments, Fernandez expressed confidence that the Philippines can still catch up with the developing economies if the national patrimony provision in the 1987 charter is amended.
Fernandez cited the case of mining which failed to take off because of the provision limiting foreigners from owning more than 40 per cent of share of business in the Philippines.
Only few years after it was ravaged by war, Vietnam has now overtaken the Philippines because the constitution of the former is more investment-friendly, the ConCom member added.
This, he added, was the same strategy that propelled the growth of China, Thailand, Indonesia and other countries of the world.
Maintaining that the economic restrictions to foreigners put the Philippines behind its neighbors in all aspects of development, Fernandez cited the case of Thailand that received an investment of eight billion dollars last year, as compared to only 800 million dollar investment for the Philippines.
Saying that the national patrimony provision is as important as the change in form, system and structure of government, Dagupan City Vice Mayor and ConCom member Alvin Fernandez Jr. said the Philippines can become more competitive if it will remove economic restrictions on foreigners investing their money into the country.
Fernandez invited the people of Pangasinan to attend a consultation to be conducted by the body on December 2 and let their choices of amendments on the 1987 Constitution be known and heard. The consultation with various sectors of the society in Pangasinan will be held at the Regency Hotel in Calasiao with up to eight ConCom members coming, he said.
Fernandez expressed confidence that an amendment to the national patrimony provision could be the key to the growth of the economy as it would attract more investors who will open jobs for the unemployed and underemployed citizens.
More foreign investments in the Philippines could reverse the trend that made the government the number one employer of the people in this country, Fernandez said.
Saying the restrictions of land ownership by 40 per cent to foreigners imposed by the 1987 charter had discouraged investments, Fernandez expressed confidence that the Philippines can still catch up with the developing economies if the national patrimony provision in the 1987 charter is amended.
Fernandez cited the case of mining which failed to take off because of the provision limiting foreigners from owning more than 40 per cent of share of business in the Philippines.
Only few years after it was ravaged by war, Vietnam has now overtaken the Philippines because the constitution of the former is more investment-friendly, the ConCom member added.
This, he added, was the same strategy that propelled the growth of China, Thailand, Indonesia and other countries of the world.
Maintaining that the economic restrictions to foreigners put the Philippines behind its neighbors in all aspects of development, Fernandez cited the case of Thailand that received an investment of eight billion dollars last year, as compared to only 800 million dollar investment for the Philippines.
