In a recent interview with GMA Integrated News, President Ferdinand Marcos Jr. expressed his belief that the Philippine Constitution needs to be updated in order to attract foreign investors. According to Marcos, the current 36-year-old charter was “not written for a globalized world.” While he supports the idea of amending the Constitution to facilitate economic growth, the President remains opposed to proposals that would allow full foreign ownership of land, media, and power generation in the country.
Marcos acknowledges that the 1987 Constitution was not designed to address the challenges brought about by globalization. He emphasizes the need for adjustments that will increase economic activities in the Philippines and attract more foreign investors. However, he also recognizes the importance of protecting critical areas such as power generation, media, and other strategic sectors from undue foreign influence.
While discussing the issue, Marcos highlights the significance of drawing a clear line on foreign ownership. He suggests that discussions about allowing foreign ownership may be possible in certain sectors, particularly corporations. However, he firmly believes that critical areas, including power generation and media, should remain under domestic control. Marcos emphasizes the need to carefully consider these decisions in order to safeguard the country’s interests.
In terms of amending the Constitution, Marcos believes that the priority should be given to the economic provisions. He wants to ensure that any changes made will ease restrictions and create a favorable environment for foreign businesses. Marcos emphasizes the importance of focusing on economic reforms without jeopardizing the success of these amendments by introducing unrelated political issues.
The President’s stance reflects the government’s commitment to attracting foreign investments while maintaining control over key sectors of the economy. By updating the Constitution, the Philippines aims to adapt to the demands of a globalized world and create a business-friendly environment that encourages economic growth.
It is worth noting that the proposed changes to the Constitution have sparked debates and discussions among various stakeholders. The issue of foreign ownership is a sensitive one, as it involves striking a balance between attracting investments and protecting national interests. The government’s approach, as articulated by President Marcos, seeks to find this delicate balance.
In conclusion, President Ferdinand Marcos Jr. advocates for updating the Philippine Constitution to attract foreign investors and stimulate economic growth. While recognizing the need for adjustments to accommodate a globalized world, he emphasizes the importance of protecting critical sectors from foreign influence. By prioritizing economic provisions and avoiding unrelated political issues, the government aims to create a favorable environment for foreign businesses while safeguarding national interests. The proposed amendments to the Constitution reflect the Philippines’ commitment to adapt to a changing global landscape and position itself as an attractive destination for foreign investments.
Source: The Manila Times
