Lifting curbs on investment top Charter Change wishes of businessmen

February 5, 2017

Local and foreign business groups have urged the Duterte administration to pursue constitutional amendments, particularly provisions on foreign equity restrictions, under the current Congress.

This was in a letter signed by 15 Philippine Business Groups - Joint Foreign Chambers, including the Japanese Chamber of Commerce of the Philippines, and sent recently to Executive Secretary Salvador Medialdea.

The proposal to change the economic provisions in the 1987 Constitution is one of the 12 business and economic legislative reform measures business groups have been pushing for approval during the 17th Congress.

The businessmen said the 12 reforms were selected after meetings among themselves and representatives of congressional and executive agencies and an e-mail vote for a list of 25 proposed measures.

"All constitute reforms that will improve the business ad economic climate of the Philippines and result in more investments, jobs, and inclusive growth," they said.

The 11 other measures businessmen want Congress to immediately act on are the Comprehensive Tax Reform Package, Apprenticeship Program Reform, BOT (Build-Operate-Transfer) Law amendments, Freedom of Information, Corporation Code Amendments, Public Service Act amendments, Telecom reforms, Water Sector Reform Act, Bank Secrecy law amendments, Emergency powers to address traffic and transportation crises, and Retail Trade Act amendments.

"Given the multiple bills for most of these proposed laws, the undersigned support them in principle but not always in every detail. Our specific comments and suggestions will be made during the legislative process and in consultation with concerned departments," the businessmen said.

The groups said they were optimistic the executive branch will prioritize their proposals.

The businessmen sent their letters to Medialdea before President Rodrigo Duterte convened the Legislative-Executive Development Advisory Council (LEDAC) last week.

The LEDAC, created through Republic Act (RA) No. 7640 approved by then President Fidel Ramos in 1992, serves as a consultative and advisory body to the President, Chair of the National Economic and Development Authority (NEDA) Board, on certain programs and policies essential to the realization of the goals of the national economy.

It is a venue to facilitate high-level policy discussions on vital issues and concerns affecting national development. Celerina Monte/DMS