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Manila Bulletin devider Business devider Balisacan calls for ending economic restrictions in Constitution

Balisacan calls for ending economic restrictions in Constitution

Published Feb 26, 2024 09:26 am

The National Economic and Development Authority (NEDA) has stressed the urgent need for the Philippines to dismantle restrictions on key sectors of the economy that are holding back the country from matching the developments of its neighboring nations.

NEDA Secretary Arsenio M. Balisacan said that in recent decades, the Philippines has fallen behind its Southeast Asian peers across various socioeconomic indicators, partly due to the restrictive economic provisions in the Constitution.

“Compared to our dynamic neighbors, historical data show that the Philippines has obtained a smaller share of FDI [foreign direct investment] inflows that could have generated more economic and social opportunities crucial for inclusive growth and development,” Balisacan said.

“Globally, evidence shows a significant connection, on average, running from the extent of the country's statutory and equity restrictiveness to the country's realized FDI flows,” he added.

During the Committee of the Whole House Hearing on Constitutional Amendments on Monday, Feb. 26, Balisacan highlighted the need to remove restrictions on public utilities, education, mass media, and advertising to unleash their potential and boost the country's economy.

He said that opening up public utilities to foreign investment would enhance the quality and affordability of services like energy and water distribution, bridging financing gaps in infrastructure.

Regarding education, he said that this move would provide Filipinos access to global knowledge, skills, and technology, fostering innovation and positioning the Philippines as a competitive center for knowledge exchange in the region.

In the context of globalization, Balisacan said that permitting foreign investment in mass media would help local media professionals expand their global presence, modernize the industry, broaden markets, and stay abreast of international trends.

Furthermore, he noted that allowing foreign investment in advertising would bring new ideas, technologies, and best practices to enhance the effectiveness and revitalize the creative excellence of the local advertising sector.

“In conclusion, I urge our legislators to proceed with deliberation and prudence in considering these amendments,” Balisacan said.

“Let us work together to ensure that any of the changes we make are not only responsive to the needs of our time but also serve as the foundation for a more prosperous, resilient, and inclusive future for all Filipinos,” he added.

Related Tags

National Economic and Development Authority (NEDA) Philippine Constitution economic restrictions NEDA SECRETARY Arsenio M. Balisacan
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