By Junex Doronio
MANILA — Taking notice that the Philippines is lagging behind its ASEAN neighbors, where it is the last in cumulative foreign direct investments (FDI) inflows, Aklan 2nd district Rep. Teodorico “Nonong” Haresco Jr. on Wednesday (13 March 2024) said amending the economic provisions of the 1987 Constitution will create millions of jobs and double the FDIs in the country.
Haresco, vice chair of the House Committee on Appropriations, stressed that removing the economic restrictions to foreign investment imposed by the 37-year-old Constitution “is the lowest hanging fruit, especially for an emerging economy like ours.”
“We hold the highest foreign investment restrictions among the ASEAN-5 because of the limitations set in our Constitution and it’s also the reason why we cannot maximize foreign investments which could generate jobs and alleviate poverty,” the Aklanon solon lamented.
Citing the 2020 study of the UP Research and Extension Services Foundation-Regulatory Reform Support Program for National Development (UPPAF-RESPOND), Haresco pointed out that opening up the economy to foreign investors could generate 1.6 million jobs and could even double the FDI with about $16.2 billion added investment to the current $9.2 billion recorded in 2022.
“The fruits of our economic and fiscal policies in the past decade are almost ripe. It’s high time we remove the barriers so not only a few benefit. Our country must work together with the global community so we can reap these bountiful harvests and have the Filipino people and their families benefit from our labor of love,” Haresco concluded.
(lel Amigo/MNM)