Communications Secretary Herminio Coloma. INQUIRER FILE PHOTO
MANILA, Philippines – Malacañang on Thursday maintained its stance against Charter change amid talk of reviving the issue to attract foreign investments.
In a report from the Presidential Communications Operations Office, Secretary Herminio Coloma said Charter change wasn’t on the priority list of the Aquino administration. He added that President Benigno Aquino III himself has been firm against it.
“When the President visited Korea last October, he reaffirmed his position that the administration has no plan to revise the Constitution,” Coloma said. “He has consistently maintained that the economic restrictions in the Constitution are not detrimental in attracting foreign investments.”
Under the 1987 Constitution, foreign investors are not allowed majority ownerships in businesses based in the country.
Also, Coloma said that the government remains steadfast in implementing the priority programs under the Philippine Development Plan which “have been instrumental in the country’s attainment of consistently high growth rates for the past seven quarters.”
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