US investors looking forward to economic Cha-cha, says solon

U.S. Secretary of Commerce Gina Raimondo makes a toast during a luncheon hosted by President Ferdinand Marcos Jr. at the Malacanang Palace last week.  Raimondo led a high-level mission in the country from March 11-12 joined by American business leaders and senior corporate executives to discuss “business development incentives and regulatory reforms”. (INQUIRER/ MARIANNE BERMUDEZ)

MANILA, Philippines — Investors from the United States (US) are “excited” about the proposed lifting of the provisions in the 1987 Constitution that restricts foreign business ownership in some industries, House Deputy Speaker Rep. David Suarez said on Monday.

According to Suarez, the US trade delegation which visited the country last week had a “very positive” outlook on the proposed amendments on the Constitution.

“In fact, they are very much excited about the restrictions that will be removed to allow more foreign direct investments coming in,” he said in a statement.

On March 11, US Commerce Secretary Gina Raimondo visited the Philippines for a two-day trade and investment mission where she announced that American companies are set to invest some $1 billion.

Suarez said that Raimondo herself mentioned in her speech during her visit that the US delegation “was very much excited with the talks of lifting economic restrictions.”

He added that the Congress’ moves to lift the “restrictive” economic provisions signals to international business communities that the Philippines is “open for more direct investments.”

This is why, he explained, it is important for leaders of the two chambers of Congress to finally agree on how to proceed with the economic amendments to the Constitution.

“So it’s really important that the Senate and Congress talk immediately so that the next steps can be finally decided,” he said in Filipino.

“I’m sure this message has reached the Senate, and I’m sure the senators will work and will find a way to get the necessary votes so they can get their version of the RBH 6 [Resolution of Both Houses No. 6] approved,” he added.

The House leader likewise expressed intent to help the Senate leadership to convince enough senators to approve of the amendment proposals.

“Here at the House, we are willing to work with the Senate, just to ensure that we can gather enough votes. If we need to convince them, we’ll talk to them. If we need to knock on their doors and ask for their help, I think congressmen are willing to do that […] so we can push for the plebiscite as soon as possible,” Suarez said.

The Senate needs 18 votes to pass the RBH 6, which seeks to amend the Constitution to address the economic restrictions on foreign ownership in public utilities, education, and advertising.