Pandemic, 2022 elections might affect pace of Cha-cha debates — Trade chief
MANILA, Philippines — While Trade Secretary Ramon Lopez backed moves to amend the restrictive economic provisions of the 1987 Constitution, he raised concerns that the coronavirus pandemic and the approaching 2022 elections might affect the focus and pace of the debates regarding the matter.
During the hearing of the House committee on constitutional amendments, Lopez said there is merit in removing or amending restrictive economic provisions in the Constitution.
“We reiterate the statement we gave in other fora that we pose no objection to the review of economic provisions of our Constitution to address these barriers to investments,” Lopez said.
“We are just mindful of the current challenges brought about by the pandemic, including the nearing 2022 presidential elections that might affect the focus, nature, and pace of the deliberations, but we leave that concern to the wisdom of our legislators,” he added.
While Lopez raised such concern, he said that eliminating the restrictive provisions in the Constitution will facilitate the entry of more investments that will modernize the country’s sectors and generate jobs.
“At present, our Constitution poses several obstacles for the entry of foreign investments in some of our essential industries,” Lopez said
“For one, restrictions in the ownership and operation of public utility stunts the technological development and modernization of the sector at the cost of losing much-needed efficiencies and cost reduction in logistics,” he added.
Further, Lopez said the “highly restrictive” full Filipino ownership for mass media enterprises in the country “hampers the vital technological advancement in the industry.”
Lopez likewise used for the passage of new legislation or amendments to existing laws that could help the economy such as the Retail Trade Liberalization Act and the New Public Service Act.
In the same hearing, Finance Secretary Carlos Dominguez backed the removal of the “restrictive” economic provisions in the 1987 Constitution but expressed that the ban on foreign ownership of land in the country should remain.
