(MANILA BULLETIN)

Local experts agree: the existing 1987 Constitution must be tweaked so that the Philippines can seize the opportunities for economic growth.

This comes amid the most recent Pulse Asia survey, commissioned by the Stratbase Institute, the results of which indicate widespread support among Filipinos for removing constitutional barriers to foreign investments.

It has also been almost a month since the House of Representatives approved on third and final reading Resolution of Both Houses (RBH) No.7, which embodies this proposed "economic Charter change (Cha-cha)".

Foundation for Economic Freedom (FEF) board member Gary Teves underscored the urgency of aligning Philippine laws with international standards. He warned that potential investors could end up opting for countries with more favorable legal frameworks.

“If the legal framework in the Philippines is so different from the others, they might say let’s just go out to the next country,” Teves said.

TradeAdvisors CEO Tony Abad reiterated the necessity of amending the Constitution to attract investors, and at the same time cautioned against maintaining a rigid and outdated legal framework.

“We can’t have a rigid, old-fashioned and very faulty Constitution in place. It’s gonna be a great disservice to the population,” Abad said.

He added: “You need a Constitution that makes your government and your people move fast – address changes quickly. That’s why there’s no sequencing, you don’t have to address corruption first.”

FEF lead economist Cha Ubarra emphasized the risk of constitutional challenges to laws unlocking foreign investments without the benefit of Cha-cha.

“What adding ‘unless otherwise provided by law’ can do is to stop the possibility of that door locking again,” Ubarra said, referring to the key amendment contained in RBH No.7.

Stratbase Institute President Dindo Manhit emphasized that investments are vital for enhancing productivity, generating employment, and alleviating economic hardships.

He stressed the importance of implementing market-friendly public policies, fostering transparency, and ensuring good governance to attract more investments.

Conducted from March 6 to 10, 2024, the Pulse Asia survey engaged 1,200 respondents nationwide. The results revealed a prevailing belief that lifting restrictions on foreign investments could yield significant benefits.

Most notably, respondents anticipate a surge in high-quality job opportunities, improved services, and a reduction in the prices of goods.