By Junex Doronio
MANILA — Saying that efforts in the House of Representatives to amend the 37-year-old Constitution to make the Philippines more friendly to foreign investments, Deputy Majority Leader and Iloilo 1st District Representative Janette Garin has expressed confidence that if passed by both houses of Congress and approved in a plebiscite, this will perk up the country’s economy and improve the quality of lives of Filipinos.
Garin pointed out that on March 29, the US Trade Representative cited foreign ownership limitations in the Philippines as one of the barriers to trade and investments, while the Milken Institute’s Global Opportunity Index (GOI) report for 2024 said the country ranked 91st out of 130 nations when it comes to attractiveness to foreign investors due to financial access.
“Kasi iyan nga, kitang-kita na may problema ang Constitution ng Pilipinas. Ang nagiging hadlang para magtake-off tayo ay ang ating sariling Constitution. Natural iyan, kasi walang perpekto. So inaamin ngayon iyan pero hindi naiintindihan ng tao sa ibaba,” the Ilongga lady solon said on Monday (01 April 2024) in a press conference.
Asked whether economic amendments as contained in Resolution of Both Houses No. 7 (RBH 7) recently approved on final reading in the House of Representatives can make the Philippines more “investment-friendly,” Garin responded enthusiastically with, “Definitely!”
She stressed that one of the concerns of foreign investors is not being able to own land in the Philippines because the 1987 Constitution prohibits it.
“So, kung ikaw ay investor na inutang mo ang bilyong-bilyong capital, kunyari sabihin na natin, kuryente, tubig or internet connectivity. Eh kung ang paglalagyan mo ng iyong power plant, may that be renewable energy or not, kung iyung lupa hindi sa iyo, ano ang mangyayari duon sa investment mo?” Garin asked.
(el Amigo/MNM)
