Marcos urged to harness economic reforms¡¯ potential instead of ¡®Cha-cha¡¯ push

18 Jan 2024
PHILIPPINE President Ferdinand R. Marcos, Jr. should work on food security, boost the quality of education and healthcare while improving governance to attract foreign investments instead of pushing for changes to the 1987 Constitution, which is a distraction, economists and legal experts said.

Christian S. Monsod, who was also among the Charter’s framers, noted that the Philippine Development Plan for 2023 to 2028 didn’t even cite the need to amend the Charter to achieve the country’s economic goals and that Mr. Marcos has been able to secure investment pledges  — now worth over P700 billion — in his foreign trips without the condition from investors that the country needs to amend the Charter’s economic provisions.

Mr. Monsod, reacting to remarks that the Constitution “remains a hindrance” to FDIs, said the Charter never barred full foreign ownership in the manufacturing sector and noted that the domestic sector has not been a target of foreign investors due to issues not related to the constitution.

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