Pimentel backs Charter amendments to upgrade PH’s economic policies
December 9, 2016 at 14:18
Pimentel backs Charter amendments to upgrade PH’s economic policies
RUSSIA-PH TIES-Russian Foreign Minister Sergey Lavrov welcomes his Philippine counterpart Perfecto Yasay Jr. as they enter inside a hall, before their meeting in Moscow, Russia last Monday.
Senate President Aquilino Pimentel III threw yesterday his support to the proposal of President Duterte to liberalize the country’s economy to attract more investments and to strengthen the competition in the local market.Pimentel made the statement following President Duterte’s
pronouncement last week that he is taking steps to open up the Philippine economy to new players and foreign investors – particularly in the power, energy and telecoms sectors – to limit corruption and protectionism.
This will be done through amendments to the 29-year-old Constitution framed during the administration of the late President Corazon C. Aquino.
Pimentel said the proposed charter amendments to the present constitution not only focuses on the country’s shift to federalism but also aims to upgrade the country’s economic policies.
Former Senate President Juan Ponce Enrile and former House Speaker Feliciano Belmonte have pressed for amendments of the economic provisions of the Constitution.
After passing the proposed 2017 13.3-trillion national budget before they go on a month-long Christmas recess, Congress is expected to focus on other important issues in January such as the proposed adoption of a federal form of government and amendments to the Constitution.
“We must make sure the economy works for all Filipinos and not just (for) a few families,” said Pimentel.
As President of the ruling Partido-Demokratiko Pilipino-Lakas ng Bayan (PDP-Laban), Pimentel said he is carefully studying the proposal to change the 60-40 rule of the 1987 Constitution which limits foreign investment in the country.
Under this rule, foreign investors are limited to the 40 percent sharing in the investment pool of the principal corporation.
Pimentel said that allowing new players in the local market not only strengthens the competition but also eliminates monopoly and protectionism.
The Senate leader explained that having more competitors means cheaper and better products in the market.
During the Asia-Pacific Economic Cooperation (APEC) summit in Peru, President Duterte, together with 20 member heads of state, issued a joint statement committing to fight “all forms of protectionism.”
The PDP-Laban, which is led by President Duterte as chairman and Pimentel as president, has a Federalism Institute, which studies proposed amendments to the Constitution.
