Mixed views on Charter change proposal for foreign investors

Is there a need to ammend the Constitution so foreign investors would have more access to Philippine resources?

Around 200 people from various sectors in the community attended the proposal to expand the role of foreign investors in the development and use of Philippine resources during yesterday’s public consultation at the Capitol social hall.

The audience, mostly students, opposed the proposal.

The hearing was organized by the House committee on constitutional amendments.

Misamis Occidental Rep. Loreto Ocampos, committee chairman, said the 60-40 percent equity limitations on foreign investments and exclusive control and management by Filipinos in companies with foreign equity should be removed to encourage more investments in business and industry.

Such a change would require amending the 1987 Constitution.

Rep. Neri Javier Colmenares of Bayan Muna party-list said, “There is no pressing need to change the constitution. The problem of poverty cannot be rooted to the Constitution itself.”

He said the problems are caused by “corruption; lack of infrastructure for development because of incorrect fiscal priorities, economic policies, unpredictable and slow judicial process.”

Rep. Pablo Garcia of Cebu’s 2nd district said corruption should not stop foreign investors from coming in.

“We can address corruption while inviting foreign investors. It is not because we have failed that we will not try to move forward,” Garcia said.

Yesterday’s proceedings was the second public consultation held by the House committee.

The first was held in Cagayan de Oro. ADOR VINCENT S. MAYOL