PH economic reforms will be discussed during Asean-Japan summit – Pascual

Trade and Industry Secretary Alfredo Pascual (File photo from the Senate Public Relations and Information Bureau)

TOKYO, Japan — Economic reforms will be touted to investors during the 50th Commemorative Association of Southeast Asian Nations-Japan Friendship and Cooperation Summit, Trade Secretary Alfredo Pascual said in an interview with reporters on Saturday.

Responding to renewed efforts in the House of Representatives to amend the Constitution to ease economic provisions, Pascual said that such matters were internal. However, he emphasized that there were already efforts to ease investment.

Asked if these reforms would be mentioned to potential investors, Pascual said:  “Yes, surely. The common, usual, expression that we use is that the Philippines is open for business and we have undertaken several reforms to open the economy to foreign investment.”

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Pascual said such efforts include allowing 100 percent foreign ownership under the amendment of the Public Service Act, which allowed the creation of airports, tollways, and more.

While mum on how the amendments to the Constitution would be mentioned in the Summit, Pascual nonetheless reiterated his support for these changes.