House Speaker Martin Romualdez
Photo from House of Representatives Facebook page
MANILA, Philippines — House Speaker Ferdinand Martin Romualdez on Tuesday expressed intent to attract investors at the World Economic Forum (WEF) by leveraging the Senate’s move to ease the “restrictive” economic provisions of the 1987 Constitution.
This, amid opposition by some lawmakers and constitution framers on amending the Constitution.
READ: Sen. Imee: I won’t defend ‘Aquino Constitution,’ but no need to amend it now
Romualdez said he is optimistic that the Senate resolution to rewrite specific economic provisions in the Constitution would enhance the country’s appeal to investors.
“It would be a welcome development for our trade partners,” the Speaker, who is the head of the Philippine delegation to the 2024 WEF in Davos, said in a statement.
“So this is no longer a concept or a desire, just like the Maharlika (Investment Fund) was. It proves that ‘we walk the talk.’
When we talk about opening up our economy, then we actualize it through acts that are clearly tangible,” he added.
On Monday, Senate President Juan Miguel Zubiri filed Resolution of Both Houses No. 6, “proposing amendments to certain economic provisions of the 1987 Constitution,” emphasizing the need to reframe the nation’s economic policy to align with the demands of an increasingly globalized age.
READ: Senate launches own bid to amend Constitution
Talking about his steps in prodding investors to enter the country, Romualdez said that he will reiterate President Ferdinand Marcos Jr.’s message to business folk that the “Philippines is open for business and it is the best place in the region for foreign investments.”
The House Speaker likewise mentioned that the country has “sound fundamentals” being located in the fastest-growing region in the world at present.
“We are in the fastest growing region. We are the bright spot amid the global recession that we are suffering from. And within that bright spot, we look at the Philippines as the best country to invest in,” Romualdez said.
Previously, the Speaker lauded the country’s low inflation rate in December last year, saying that the government had managed to “tame the monster.”
READ: Romualdez: Gov’t manages to tame PH’s inflation rate
This, however, was met with skepticism as prices of key agricultural goods in the country remained high in local markets.