Majority of Filipinos are in favor of lifting restrictions on foreign investments and businesses in the Constitution, as this change could result in an increase in high-quality job opportunities, a survey showed.

In a recent Pulse Asia survey commissioned by international think tank Stratbase Institute, 64 percent of Filipinos believe that lifting restrictions could lead to an increase in high-quality jobs with better salaries and benefits.

On the other hand, 56 percent expect improved services for stakeholders and customers.

Additionally, over half, or 55 percent, of respondents think that such changes may lead to foreign capital dominating local investors and businesses, and 54 percent believe that the prices of goods and services could decrease.

Furthermore, the survey asked the significant factors hindering foreign investments in the Philippines.

When asked to choose three answers from a list of eight options, the majority, or 56 percent, pointed to "complicated rules and regulations like red tape, changes in government policies and regulations.”

Around 55 percent, on the other hand, attributed the hindrance to "restrictive rules on foreign ownership."

Moreover, 46 percent identified "corruption in the public sector" as a barrier to foreign investments, while 40 percent selected "inadequate transportation infrastructure."

Conducted from March 6 to 10, 2024, the survey gathered insights from 1,200 respondents nationwide regarding the potential outcomes of removing restrictions against foreign investors or businesses in the Constitution.

Stratbase said that respondents were given a list of six options and could choose up to thre.

Removing restrictions on foreign investments was among the proposed economic amendments in the Constitution under the Resolution of Both Houses 7.

Pulse Asia released the survey results on Wednesday, April 3, during a consultative session on Charter Change, organized by the Democracy Watch Philippines.

During the consultative discussion, Stratbase Institute President Dindo Manhit noted that “investments are a crucial tool in increasing a nation’s productivity while also generating employment, providing income security, and alleviating other economic hardships being experienced by millions of Filipinos”.

He then echoed the survey results and emphasized the need to create a business environment that enables growth and innovation through market-friendly public policies, transparency, and good governance to encourage more investments in the country.