RESTRICTIVE economic provisions of the Constitution must be amended to erase biases against foreign investors, Trade Secretary Peter Favila told industry leaders and local government executives at a forum of the National Competitiveness Council (NCC) Wednesday.

“As trade secretary, I am saying what is needed to be done in the Philippines. I’m the one in touch with the investors, I hear them out,” he said. He had thus been raising the issue “constantly in public and with the lawmakers, but there is still no taker in Congress so far to sponsor it.”

He said there is no need to wait for 2010 to act on the perceived problem because the Philippines continues to lose out on investment opportunities. “A lot of [foreign investors] are waiting for us to open up.”

But he hastened to say his call is limited to amendments in the economic provisions and not a full-blown Charter change, one such restrictive provision that is really causing investor headaches “is the ownership of land” that is limited to Filipinos.

Investors have been asking him, “If other countries have already decided to allow foreigners to own lands, why can’t the Philippines do it also?”

Favila said using the Long-Term Lease Act has not been attractive so that the foreign investors are still pushing for the removal of the constitutional prohibition for foreigners to own land. “They must have their own reasons.”

Also, Favila said he is not supporting the total liberalization of all sectors because areas like telecommunications and media need to be protected by the state for security reasons. 

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RESTRICTIVE economic provisions of the Constitution must be amended to erase biases against foreign investors, Trade Secretary Peter Favila told industry leaders and local government executives at a forum of the National Competitiveness Council (NCC) Wednesday.

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