Lifting Charter's economic restrictions to rid PH of 'third world' tag?

Lifting the restrictive economic provisions of the 1987 Constitution could be the Philippines' ticket out of its "third world" status, according to House Speaker Martin Romualdez.

Romualdez raised this point over the weekend during his interview with Manila-based journalists in Tokyo, Japan.

“We believe that once we open it (Constitution), and once we revisit the economic provisions, to make it less restrictive but more open or more—or at least competitive to other constitutions, then I think we will get, the final—also the final success that we all have been looking for," Romualdez told the reporters, who covered President Ferdinand "Bongbong" Marcos Jr.'s five-day visit to Japan.

"That you know, the Philippines goes up from the third world country tier to second world, to a developed country status," the House leader continued.

Business meetings dominated Marcos' hectic schedule during his trip. Romualdez was among the top Philippine officials in his delegation.

Romualdez noted that the Philippines has a lot of competition in the region when it comes to business and investment. Thus, the country must do what's necessary to stand out.

“We are identifying the Constitution now as the last piece of the puzzle...And I say this because we have a lot of competition in the region. The ASEAN (Association of Southeast Asian Nations) is there and then a number of the economies...even in the Indochina region, there’s an integration there of the countries...and so their economy will be strong," he said.

The House, through the Committee on Constitutional Amendments, is going full blast with its deliberations on proposed measure to amend the existing Charter.

Committee chairman, Cagayan de Oro 2nd district Rep. Rufus Rodriguez earlier said that the House leadership wants to put "special focus" on economic amendments in the ongoing Charter change (Cha-cha) discussions.

"We really want to create more job opportunities and you know, better livelihoods in the Philippines...attracting foreign capital, foreign investments and making the atmosphere and the environment so conducive for...not just a better economy, but you know, a better country,” Romualdez, Leyte’s 1st district representative, said.