MANILA — The chairman of the House of Representatives committee on constitutional amendments today welcomed a report by Fitch Solutions that highlights the need for Charter changes to attract more foreign investments.
“The Fitch assessment supports our initiative to rewrite the restrictive provisions of the Constitution to enable the country to entice more foreign investors,” Cagayan de Oro City 2nd District Rep. Rufus Rodriguez said.
“More investments will translate to more job and income opportunities for our people. Additional foreign capital will allow the country to sustain its economic growth,” he said.
He urged the Senate to read the Fitch Solutions report.
The House has overwhelmingly voted to approve Resolution of Both Houses (RBH) No. 6, which calls on Congress to convene a constitutional convention to proposed amendments to the Constitution.
Speaker Martin Romualdez led 301 of the 314 House members in signing the resolution.
The larger chamber also approved with an overwhelming vote a companion implementing bill.
Both the resolution and the bill will shortly be sent to the Senate.
The Speaker and Rodriguez have said the House constitutional amendment initiative was limited to tweaking the Charter’s economic provisions, which they added, restrict the entry of foreign investments.
Speaker Romualdez has said the rewriting of such provisions could be the “final piece in the puzzle” of improving the country’s investment and economic environment.
The Rodriguez committee endorsed RBH No. 6 after extensive public hearings and consultations in Metro Manila, the rest of Luzon and in Visayas and Mindanao.
In its report, Fitch Solutions said Charter changes would have a positive impact on the investment environment.
“While it is still early days in the process, any pro-business changes to the Philippines’ business environment would pose upside risks to our long-term growth forecast for the Philippines and in particular to investment,” it said in a commentary on Tuesday.
It said the removal of foreign direct investment restrictions could lead to more foreign investments in the years ahead.
It added that investment conditions in the country for foreigns have been “historically challenging due to restrictive rules.”