Lawmakers were recently urged to remove restrictive economic provisions in the Constitution to help in the recovery of the domestic economy.
Getting rid of the said provisions would open the economy to foreign investors, Finance Secretary Carlos Dominguez III said.
Dominguez declined to give his side on the proposed changes in the Constitution but highlighted the need to “act on something that is doable” and “immediately achievable.”
“It is preferable, of course, to achieve the liberalization reforms in one blow. But if there are things that we can do to open up the economy through administrative measures, we must implement them. If there are areas that we can liberalize by amending our existing laws, then let’s do that,” he said.
Among the priority measures he cited include the proposed Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), the amendments to the Public Service Act, the Retail Trade Liberalization Act, and the Foreign Investments law.
Citing latest World Bank (WB) data, Dominguez said the Philippines is the seventh among the 10 Association of Southeast Asian Nations (Asean) member states in terms of average foreign investments inflows to gross output from 2015-2019.
Photo by PNA