MANILA, Philippines — National Economic and Development Authority (Neda) Secretary Arsenio Balisacan said that the country needed to be more competitive by eliminating “unnecessary” restrictions in the law.
During a Malacañang briefing, Balisacan expressed support for an economic Charter change (Cha-cha).
“For a long time that we need to make the country more competitive, we need to eliminate those restrictions, unnecessary restrictions, and foreign investments that we have a chance of attracting foreign investments,” said Balisacan.
READ: Too late for economic Cha-cha, analysts say
Balisacan said that the past few decades have shown how big investments are going to neighboring countries.
“I think that our President has mentioned that the Constitution was designed for a period that perhaps not responsive to the current states of the world now,” said Balisacan.
President Ferdinand Marcos Jr. on Tuesday said that the 1987 Constitution was not made for a globalized world, adding that revisions needed to be made.
READ: Marcos: No to foreign ownership of land, media, power firms
However, Balisacan also said that fundamental issues also need to be addressed.
“We need to address the ease of business issues that are always mentioned, the high cost of certain inputs like energy and the predictability of our policies, regulatory or otherwise,” said Marcos.