The Agenda invites Cong. Edcel Lagman, President of the Liberal Party, and Dr. Calixto Chikiamco, President of the Foundation for Economic Freedom, to talk about the economic provisions in the Philippine Constitution. Does the constitution need to be changed after 37 years for the Philippine economy to move forward or not? Dr. Chikiamco is in favour of loosening the economic restrictions in the constitution to attract more foreign investors. On the other hand, Cong. Lagman wants the country to focus on more important issues before we can attract these foreign investors.
The Philippines is the only country that inherits these economic restrictions as part of the fundamental law of the land. Restrictions concentrated in the law give a signal that foreign investors are not welcome. Removing these restrictions will give the country contestability. It is necessary to remove them so that it can focus on serving Filipino consumers. The country needs to move forward. It must cope with Taiwan, Vietnam, and other neighbouring countries without the legal uncertainties in the law. This perspective is shared by Dr. Chikiamco.
Cong. Lagman states that we need to fix our infrastructure and resolve the crisis we are facing. The weak infrastructure in the Philippines needs to be fixed before we attract more foreign investors. This includes the government resolving the educational crisis. They must address the West Philippines Sea issue and the problem with food security. Moreover, the government needs to tackle the employment crisis and other issues. These resolutions are necessary before we can attract more foreign investors. Lifting the restrictions in the constitution will not give a conclusive economic environment. The Philippine Constitution has been there for 37 years that kept the country strong for now.
Congress and the current government must decide if they will move forward with the Constitution’s charter change.
