Senator Robinhood Padilla today sought a radical foreign investment entry process to spur the economy by deleting the constitutional 60-40 investment sharing provision in the 1987 Constitution.

“Kailangan nating baguhin ang saligang batas (We need to amend the Constitution). Hanggat di nababago ang 60-40 dun wala rin (Nothing will happen if the provision is not amended). Iba kasi ang amendment sa revision (Amendment is different from revision),” Padilla told Senate reporters in an interview.

Padilla said the economy of then war-ravaged Vietnam improved dramatically when it allowed 100 percent foreign investment in industries in its territory.

“Example  ko lang Vietnam kasi talagang laglag sila pero di naman naapektuhan local nila (Vietnam’s local industries were not affected) . nasa atin yan para sa akin mas mabubuksan ang market. ilan trade agreements ang kasama ang pinas (It is up to us as we are partners in various trade agreements),” he said.

“Galing sa gyera pero dahil sa foreign investment inovertaken na tayo (Vietnam came from the war but because of their foreign investment policies, it (Vietnam has overtaken us). DI naman binenta sarili nila (They did not sell themselves),” he added.

“Halos lahat kasama tayo pero meron tayong restrictions  sa foreign investor dapat kung kasama tayo sa trade agreements dapat bukas tayo sa foreign investors (We are partners in almost all agreements but we have restrictions on foreign investments. We should be open to foreign investments).  I yun ang sinasabi ko di tumutugma (These restrictions do not match),” he added.

Forty four years after the Cory Aquino Constitution was adopted, Padilla said the Philippines continues to export its manpower.

“Pinagtatalunan nga ng economic expert ang export natin services ng tao (Our economic experts continue to debate on our manpower exports). Maawa naman tayo (We should take pity). Binigyan na natin ng chance ang local businessman di na po yan kulang ibinigay na natin lahat sa kanila ngayon naman bigyan naman natin ng chance ang foreigner di naman po ibig sabihin isasarado na antin (We have given our local businessmen all the chances… .now, we should give the foreigners the chance as we do not desire that local businesses shut down),” he pointed out.

“Ang gusto lang naman natin magkaroon ng trabaho  (All we want is job creation),” Padilla emphasized.                                                    

“Bakit ang ibang bansa pumapayag na 100 percent bakit tayo ayaw natin pumayag (Other countries allow 100 percent foreign investments but we don’t?),” he asked.

Then Senate President Juan Ponce Enrile and then House Speaker Feliciano Belmonte sought a review of the 60-40 constitutional investment sharing provision.