House Minority Leader Marcelino Libanan has asked the National Economic and Development Authority to submit to Congress a detailed report on the projected benefits, particularly in terms of foreign direct investments per industry, the number of new jobs created, and the incremental tax revenues generated.
He also requested that the Department of Budget and Management provide reliable cost estimates, emphasizing the Constitution's restrictions on foreign ownership in some industries.
Moreover, he pointed out that the Constitution limits foreign equity in a number of industries, including public utilities, educational institutions, private radio communications networks, and land ownership.
The House Committee on Constitutional Amendments approved a resolution last week calling for the formation of a constitutional convention to amend the country's 36-year-old constitution.
The committee chair and Cagayan de Oro City Rep. Rufus Rodriguez, who sponsored the resolution before the plenary, stated that the Constitution contains numerous restrictions on the flow of foreign capital in specific areas of economic activity.
He claimed that the Constitution should be rewritten because it is the third-most restrictive in the world and in Southeast Asia.
Rodriguez stated that the Philippines is the most restrictive in terms of foreign equity capital, citing a graph from the Organization for Economic Cooperation and Development for 2020.
He claims that a more liberal policy will boost the country's capital, firm productivity, government revenues, imports and exports, and GDP growth rate.
