PH economy needs cha-cha: Gomez pushes for 100% foreign ownership in businesses

Skyscrapers tower over shanties and other residential buildings in Makati, the country’s central business and financial district. FILE PHOTO

MANILA, Philippines — Leyte Rep. Richard Gomez on Friday pushed for 100 percent foreign ownership of business enterprises in the country, saying an upgrade of the 1987 Constitution is needed to ensure economic growth.

In an interview on ABS-CBN News Channel, Gomez said amendments to the constitution need not be just about the term extension of politicians, but also a way of helping the economy by making the terms of ownership more attractive to foreign investors.

This in turn can help bring in jobs and can address issues on unemployment, which he said is one of the biggest problems the Philippines is currently grappling with.

“Our Constitution needs amendments already. The problem is when we talk about Charter change, ang iniisip lagi ng mga tao is term extension. Allergic ang mga tao, ayaw ng mga tao sa term extension,” Gomez said.

“What’s important for me — if you’ll ask me — I really feel strongly on the economic provisions part of the Charter. It’s time to look at this provision,” he further said.

Gomez said foreign direct investments can help the unemployment problem in the country.

When asked then if he wants 100% foreign ownership of businesses in the country, Gomez said, “Yes. It shouldn’t be a problem once the big investors bring in their funds.”

At present, the Constitution only allows foreigners to own 40% of businesses.

“Hindi natin pinapayagan na pumasok ‘yung mga foreign investors, especially the big ones, kasi ilan na lang naman ‘yung mga malalaking negosyo rito na nagpapatakbo ‘yung mga Pilipino,” he added.

(We are not allowing foreign investors to come into the country, especially the big ones, since there are only a number of big firms that are run by Filipinos.)

“The big ones, if we really want multi-international companies to come in, you know foreign investors should be allowed,” Gomez further said.

He said when investors are allowed it, they can generate jobs, which in turn will give people spending money and this will eventually bring down inflation and criminality rates.

“Once the big investors bring in their funds, our economy will really stabilize and it will really trickle down to every Filipino all over the country. It’s really a chain effect,” Gomez said.

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