CAMIGUIN Rep. Jurdin Jesus Romualdo said the proposed liberalization of economic restrictions under the 1987 Philippine Constitution will mean a surge of foreign investments in his tourism-rich province.
This was the gist of Romauldo’s message during the regionwide public consultation on constitutional reform held Friday, February 10 in Cagayan de Oro City spearheaded by the Lower House committee on constitutional amendments led by chair Rep. Rufus Rodriguez.
Romualdo – who represents one of the five provinces of Northern Mindanao region – said he fully supports Joint Resolutions 2 and 4 calling for the amendment of six sections of the Constitution under Articles XII, XIV and XI which would liberalize exploration of the country’s natural resources; ownership of corporations, education entities and media entities; and granting of franchises to public utilities to include non-Filipino or foreign individuals and corporations.
Under the current provisions, foreigners are entitled to invest only 40 percent to enterprises including education entities except media entities at zero percent. Under current law, foreign entities can likewise be granted franchises to operate public utilities at 40 percent.
Romualdo said if the liberalization of the economic provisions will be realized, it would mean a surge of foreign investments to his already tourism-rich province.
“Imagine if we welcome here foreign corporations who are interested to put up hotels and resorts here. It will be a cascading of economic benefits from jobs to small-scale businesses. There will be no need for Filipinos to seek jobs abroad,” he said.
The House committee on constitutional amendments has long been pushing for economic liberalization provisions, with Rodriguez saying that the Philippines has lagged behind its Southeast Asian counterparts whose investments have long been open globally.
Among five Asean countries, the Philippines snatched last in terms of investments percentage in its gross domestic product at 20.7 percent compared to Vietnam’s 31.85 percent at first place and Malaysia’s 26.99 percent at fourth place.
More regional consultations are set to follow nationwide for the proposed constitutional amendments.
Also in attendance during the Friday event at DRER Memorial Hall inside the University of Science and Technology of (Southern) Philippines main campus were Reps. Yevgeny Vincente Emano, Lordan Suan, France Castro, Rodante Marcoleta, Ruwel Peter Gonzaga, Eleandro Jesus Madrona, Dale Corvera, Ma. Victoria Co-Pilar, Jonathan Keth Flores and Stella Luz Quimbo.
