Padilla says easing Charter's limits on foreign investments can end decades of poverty
Now is the time to end 37 years of poverty by easing the 1987 Constitution's limitations on foreign direct investments (FDIs).
Sen. Robin Padilla stressed this on Thursday at the start of the Senate Committee on Constitutional Amendments and Revision of Codes' hearing on amending the Charter's economic provisions in Davao City.
"Our country is blessed with natural resources and skilled workers that can contribute greatly to our progress. But we need huge investments to harness these assets properly and we cannot do this because of the limitations of our Constitution," Padilla said.
" When will we start moving? When? When? So my dear countrymen, let's start the discussion and listen to the resource persons. This hearing aims to benefit ordinary Filipinos and make sure our Constitution's economic provisions benefit them and not just 20% of the population," he added.
Padilla said easing the Charter's economic provisions is the only solution he sees to attract direct foreign investments. He added the Philippines has been languishing in terms of foreign direct investments, citing Bangko Sentral ng Pilipinas figures showing FDI in the Philippines dropped by 25 percent from 2018 to 2020.
Also, he pointed out that as the country recovers from the effects of the COVID-19 pandemic, it needs new "drivers of growth" including opening the economy to FDIs.
" There is basis for seeking such amendments; this is not political grandstanding. This is addressing a real need of our country by amending our Constitution's economic provisions)," he added.
" We are moving to prioritize amending our economic provisions because this will help address the most pressing needs such as joblessness, hunger and poverty," he added. Senate of the Philippines
