Aklan 2nd district Rep. Teodorico Haresco (Ellson Quismorio/ MANILA BULLETIN)

President Marcos' dream of achieving an upper middle-income status for the Philippines by next year is achievable through economic Charter change (Cha-cha).

Thus, said economist-solon Aklan 2nd district Rep. Teodorico Haresco Jr., a vice chairman of the House Committee on Appropriations.

Haresco said Thursday, Feb. 15 that adopting the economic amendments to the 1987 Constitution--something aggressively being pushed by the House of Representatives--will usher in "a new era of growth and prosperity for the Philippines, propelling it to upper middle-income status by 2025".

Incidentally, it was only last Feb. 8 when Marcos spelled out this dream during Constitution Day, which was organized by the Philippine Constitution Association (Philconsa).

"In any event, this administration is going to push hard to attract more foreign investments to significantly help us achieve our ambition of upper middle-class status by 2025," said the Chief Executive in the context of current Cha-cha effort.

Haresco explained what needs to be done on this path to progress.

“We need to expand our capital, technology, and entrepreneurship opportunities to create more jobs and compete globally. Economic transformation for the Philippines requires fellow public servants and fiscalizers to maximize opportunities for job creation, innovation, and international cooperation,” he said.

The Aklan solon cited the numerous times other Association of Southeast Asian Nation (ASEAN) countries amended their Constitutions for economic growth based on their respective Gross Domestic Product (GDP) per capita, a core indicator of a country’s economic performance and well-being.

“For more than half a decade, the Philippines have been lagging behind our ASEAN counterparts. In 1967, we ranked third among ASEAN founding member-countries, following Singapore and Malaysia. Now, we ranked last among the five,” Haresco said.

Haresco noted that these ASEAN countries have been "dynamically amending" their Constitutions to spur economic development reflective of global changes.

Singapore has had nine amendments to their Constitution since 1965; Malaysia amended 61 times since 1957; Thailand has had 20 Constitutions and Charters since 1932; and Indonesia with four amendments since its creation.

“Compelling data shows that while our economy may be growing, the well-being of our people are falling behind our ASEAN neighbors. Revisiting the Constitution and amending restrictive economic provisions, specifically on foreign ownership, will be key to maximizing our economic potential and ushering in the President’s vision of a Bagong Pilipinas, a new era of prosperity, innovation, and invigoration for the Filipino people,” Haresco added.