A commissioned Pulse Asia survey conducted in March revealed that majority of Filipinos see complicated rules and regulations (56 percent) and restrictive rules on foreign ownership (55 percent) as the main barriers to foreign investment in the Philippines.
Pulse Asia president Ronald Holmes released the findings from the Stratbase ADR Institute rider questions on the current Charter change (Cha-cha) proposals on Tuesday, May 7.
“The results of the Stratbase-ADRI rider questions clearly indicate that the public has a much more nuanced view of issues relating to the lifting of the restrictive provisions of the 1987 Constitution,” Holmes said.
The “Ulat ng Bayan” survey was conducted from March 6 to 10, with 1,200 respondents nationwide.
A "sizable plurality" also identified corruption in the public sector (46 percent), inadequate transportation infrastructure (40 percent), and high electricity costs (37 percent) as barriers to foreign investment.
Holmes also noted that a sizable plurality to majority of Filipinos identified both positive and negative outcomes about the potential consequences of removing restrictions on foreign investor involvement in the economy.
Among the responses were an increase in high-quality jobs with higher salaries and better benefits (64 percent); improved services to stakeholders/customers (56 percent); foreign capital will dominate local investors and businesses (55 percent); lower prices for goods and services (54 percent); and national security will be at risk (43 percent).
According to Holmes, the survey results show that Filipinos are well aware of the factors that discourage the entry of foreign capital, including those that have nothing to do with the removal of constitutional restrictions.
He added that Filipinos acknowledge both positive and negative outcomes of lifting restrictions on foreign investors in the Constitution, contributing to the widespread opposition to removing the provisions limiting foreign involvement in specific sectors of the economy and society.
Most Filipinos against Cha-cha
In March, Pulse Asia released the results of its Cha-cha survey, which found that 72 percent of Filipinos were aware of proposals to amend the 1987 Constitution.
The same survey revealed that 74 percent of Filipinos do not favor changing the 1987 Constitution now nor at any other time—the highest level of opposition to Cha-cha registered in Pulse Asia surveys dating back to August 2003.
It also revealed equally substantive opposition to proposals to allow foreign individuals or corporations to control firms or institutions in economic and social sectors.
Eighty-one percent of Filipinos do not favor allowing foreign individuals or corporations to own residential and industrial lands, while 86 percent do not favor allowing foreign individuals and companies to exploit the country’s natural resources.