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President Ferdinand R. Marcos, Jr. on Tuesday announced he is open to amending the 1987 Constitution but was quick to add he is against any charter change covering land ownership and political term limits, at least for now.
In an exclusive interview with GMA News last Tuesday, the chief executive disclosed he will back initiatives in Congress to update the economic provisions of the Constitution.
“The 1987 constitution was not written for a globalized world. And that is where we are now. So we have to adjust so that we can increase the economic activity within the Philippines,” Marcos said.
He said a good way to encourage investments in the country is to allow foreign entities to own firms, except in critical areas such as power generation, media, and other strategic areas.
“That (critical sector) is what we have to decide. Where we’ll draw the line and how much,” Marcos said.
The President did not mention which sectors he wants to be affected by the amendment, but under the Public Service Act and its implementing rules and regulation 100 percent foreign ownership is allowed for public services such as railways, airports, expressways and telecommunications.
Some public utilities like electricity distribution and transmission, seaports, water pipeline distribution and sewerage, and public still have 40 percent foreign ownership restriction.
Mass displacement
The President said he is against allowing foreigners to own land since it will cause mass displacements.
“The rich foreigners will come in. They will pay big money to buy that land and the value of the land will go up and the old residents cannot pay for the real estate tax because it is already beyond their market so they will be evicted. I don’t think I agree with that,” Marcos said.
He also has the same sentiment with term extension for politicians since he noted it can make the issue of charter change, which is already facing stiff opposition from the Senate and other groups, more convoluted.
“I do not want to jeopardize the success of the amendments of the economic provisions by putting in other issues. Let us keep the issue clear. That is the way to do it,” Marcos said.
The term limits, he said, can be considered after the changes in the economic provisions of the Constitution.
Image credits: Troi Santos
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