Bataan 1st district Rep. Geraldine Roman (left), Ako Bicol Party-list Rep. Jil Bongalon (Ellson Quismorio/ MANILA BULLETIN)

Two ranking congressmen who favor Charter change (Cha-cha) said they would rather lend an ear to actual foreign investors on the topic of investing in the Philippines than even a well-meaning former Supreme Court (SC) Associate Justice Antonio Carpio.

According to Bataan 1st district Rep. Geraldine Roman and Ako Bicol Party-list Rep. Jil Bongalon, the investors have the better feedback on the matter.

"In this case we should listen more to the potential investors. They would know the challenges that they face before investing in our country," Roman, chairperson of the House Committee on Women and Gender Equality, said in a press conference Wednesday, Feb. 14.

"And you know, syempre (of course) we respect former justice Carpio. He's a man of great experience. But between theory and practical, practically you know and real talk ika nga sinasabi natin (so to speak), pakinggan natin yung mga investors (let's listen to the investors) and I think it doesn't take much to be observant no and compare our situation and that of other countries," she said.

"With regard to that issue, what we have is a retired Justice who is saying that we have already enough laws that would answer to these problems, but pakinggan ho natin yung foreign investors, sinasabi nila (but let's listen to these foreigners, they are saying) we have restrictive economic provisions under the 1987 Constitution," said Bongalon, an assistant majority leader.

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There is an effort in Congress to revise the existing Charter, particularly its restrictive economic provisions, which include the rules on foreign ownership of certain businesses. Cha-cha proponents have described these certain provisions as archaic.

Reports said that foreign investors have welcomed the Cha-cha efforts in the Philippines, and that it send out a positive signal to the rest of the world.

But Carpio, a respected ex-magistrate, recently opined that the country already has at its disposal numerous laws that facilitate the entry of foreign capital. So why the need for constitutional reform?

He says the problem lies in that, "There appears to be a lack of understanding by our national leaders of the extent of foreign ownership, under the law, of businesses in our country."

For Roman, the problem is the Constitution itself. "We have a Constitution that is so specific and unfortunately its too specific when it comes to the economic provision."

In comparison, she says the Constitution of other countries are "filled with motherhood statements ,your ultimate objectives, and it gives leeway and space for Congress to legislate the laws".

As for the laws that Carpio mentioned the two House members said they simple aren't enough and cannot unlock the full economic potential of the Philippines.

"Hindi ho sapat yung mga batas na ipinapasa ho ng Kongreso para na ma-encourage po ang ating mga foreign investors na mag negosyo sa ating bansa...We have to amend the restrictive economic provision, it is now the best time to amend our fundamental law of the land," Bongalon said.

(The laws that are being passed by Congress aren't enough to encourage foreign investors to do business in our country.)

"The Public Services Act...it's being questioned in the Supreme Court precisely because of the economic provisions. Hence, the need to listen to the investors," Roman said.