President Ferdinand ‘Bongbong’ Marcos Jr. has said that his government is presently studying the proposal to amend the economic provisions under the 1987 Philippine constitution and other laws in a bid to attract more foreign investors.
In an interview with reporters before he flew to Japan on Friday, Dec. 15, Marcos acknowledged that the existing economic provisions are hindering potential investors.
“We’re just beginning to study. What we are looking at here is the opportunity cost of those who would like to invest here, but somehow, laws derived from the constitution, when it comes to the economic provisions, do not allow them to, or make it non-viable for them,” he said.
“Because we keep talking about economic provisions that are getting in the way with some of the potential investors that we are trying to bring to the Philippines,” the President continued.
He stressed that his government's “primary interest” is to transform the Philippines into an “investment-friendly place.”
“That’s why the study is really not about the Constitution. It’s about what do we need to do — what do we need to change so that these potential investors will in fact come to the Philippines,” Marcos remarked.
In early January, the President had said that the amendment of the economic provisions under the Philippine 1987 Constitution was not his administration’s priority.
“There are so many things to do first [....] We can still achieve [....] makukuha naman natin 'yung gusto natin but within the present constitution... the way the constitution is written," he earlier told reporters in an interview.
Last week, the President’s cousin, House Speaker Martin Romualdez, pronounced that they are eyeing to “lift the restrictive provisions” under the country’s institution and “allow the legislature just to regulate the economy.”
In the Senate, with Senator Robinhood ‘Robin’ Padilla filed a resolution seeking to amend the 1987 Philippine Constitution. But in his proposal, Padilla only seeks to change the term of elected lawmakers and government officials, including the President and Vice President, from six years to four years.
On the other hand, the Presidential sister, Senator Imee Marcos, believes that it is not the time to amend the constitution.
“Tatanungin ko kung ano ang exactly sinabi. Ang usapin nga namin, eh talagang pangligawin ito sa ating kinakailangan tutukan which is kabuhayan ng tao, presyo ng bigas at pamumuhay at trabaho,” she told reporters in an ambush interview last Friday.
