House Assistant Majority Leader and Nueva Ecija 1st district Rep. Mikaela Angela Suansing answering questions during the press conference (Dexter Barro II/MANILA BULLETIN)

Citing concerns over the Philippines’ ability to seize economic opportunities, House Assistant Majority Leader Rep. Mikaela Angela Suansing has underscored the urgency in removing the "restrictive" economic provisions of the 1987 Constitution.

During a press conference on Monday, Feb. 19, Suansing identified three key drivers for constitutional economic reforms.

The first is the necessity to enhance the flexibility and adaptability of the economy to “ensure higher employment generation and job opportunities for Filipinos”.

Suansing, an economist, proposed adding the phrase "unless otherwise provided by law" in the economic provisions of the 37-year-old Charter.

By doing so, it expands the “scope of policymaking tools of our national economic managers to ensure that our economic policy framework continually keeps up with the evolving global economic landscape and keep the Philippine economy at par with global competition”.

The second key driver, according to the lawmaker, is the need for capital infusion into sectors that currently cash-strapped.

Suansing similarly proposed inserting the phrase “unless otherwise provided by law” to grant policymakers the flexibility to attract capital into these areas.

“This is especially timely as the discussions by the President and the Philippine delegation during trade missions are aimed at bringing investments into the Philippines in salient industries such as energy, manufacturing, and other capital-intensive sectors,” she pointed out.

According to the Presidential Communications Office (PCO), Marcos’ overseas trips in 2023 have resulted in $5.28 billion or ₱294 billion worth of actualized investments. Most of the investments are directed at critical industries.

The Nueva Ecija 1st district congresswoman also identified the need to accelerate knowledge transfer and capacity building as the third key driver.

By including the phrase "unless otherwise provided by law" in Paragraph 2, Section 4 of Article XIV, this could facilitate the “beneficial entry” of internationally-trained academics into the Philippines.

“This would enhance capacity building among students, which would hopefully translate to better employability in high-paying jobs,” said Suansing. “Moreover, it will facilitate knowledge transfer to key industries such as agriculture, manufacturing and services”.

“Ultimately, the goal is for us to realize our full economic potential, and for all Filipinos to be in a position to achieve the same,” she stressed.