By Liza Soriano
MANILA — Senate President Juan Miguel Zubiri stated that amending the economic provisions of the 1987 Constitution will significantly benefit the country’s economy.
Zubiri introduced Resolution of Both Houses No. 6, which seeks to amend Articles 12, 14, and 16 of the Constitution. This resolution aims to address restrictions on foreign ownership in public utilities, educational institutions, and the advertising industry.
“Imagine if Texas Instruments suddenly pulled out of the country; how many thousands of jobs would be lost? We need more investments like this. We are already behind Vietnam and Indonesia because they offer very attractive incentive packages and have no legal restrictions that prevent them from attracting investors,” he said.
Baguio City Representative Mark Go cited findings from the Asian Development Bank, noting that in 2022, investments in the Association of Southeast Asian Nations (ASEAN) totaled $224 billion.
Singapore received $141 billion in foreign direct investments, Indonesia $21.97 billion, Vietnam $17.9 billion, Malaysia $17.1 billion, Thailand $9.94 billion, and the Philippines $9.02 billion.
Earlier, the Senate conducted a hearing on the Constitutional amendments in Baguio City, describing the Baguio public consultations as “very encouraging.”
(el Amigo/mnm)
