Marcos: No to foreign ownership of land, media, power firms

MANILA, Philippines — President Ferdinand “Bongbong” Marcos Jr. on Tuesday said that he is against the foreign ownership of assets such as land, energy and the media.

Marcos reiterated his stance that he agreed with economic amendments when he was asked Charter-change.

Pushed further if he agreed with foreign ownership, Marcos said that land was out of the question. 

“Corporations baka pwede natin pag-usapan, except for the critical areas such as power generation, media, all the strategic areas that we cannot allow to be influenced by a foreign entity, be it a corporation or another country, but that’s what we have to decide where we draw the line,” said Marcos in a 24 Oras interview.

According to Marcos, land ownership was a difficult topic.

Wealthy foreign entities, Marcos said, could come in and buy the land of an area, driving up the value of land, leaving old residents unable to pay the real estate tax.

Marcos, however, banked on foreign investors to help the Philippine economy.

“The 1987 Constitution was not written for a globalized world. And that is where we are now. So we have to, we have to adjust so that we can increase the economic activity in the Philippines, we can attract more foreign investors,” said Marcos.