Push for charter change to continue even if Marcos says it's not a priority: solon

MANILA — Efforts to amend the economic provisions of the 1987 Constitution will continue, a lawmaker said Tuesday, despite President Ferdinand Marcos, Jr.'s recent pronouncement that it is not his priority.

According to Camarines Sur 2nd District Rep. LRay Villafuerte, easing constitutional restrictions will open the country's economy to more foreign investments.

"The problem in our country is basically poverty. We need to create jobs and in order to create jobs, we need foreign investments, foreign capital," he told ANC's "Headstart".

"If we love our country, we should push for charter change," he added.

Under the constitution, foreign ownership in certain industries is limited to 40 percent, Villafuerte said. This contrasts with other countries such as Vietnam with more eased ownership rules, he added.

Villafuerte, who wants changes in the charter through a constitutional convention, proposes lifting foreign investment restrictions on all sectors.

"If I'm one of the members of the Con-con, I would allow 100 percent ownership... [to] power, telecom, infrastructure, transport... media and education, if we can liberalize that," he said.

"In order to have foreign capital go in the country, you should allow ownership as part of the menu," he added.

• House committee to continue Cha-cha efforts despite Marcos' 'not priority' remark

Villafuerte also noted that foreign investors are worried by instability in national politics.

The Philippines should have less elections to bring stability in the country, he said.

"The investment climate and the instability is political. We are the only country who has elections every 3 years," Villafuerte said.

"I think we should have less elections," he added.

Marcos told reporters Sunday that charter change was not necessary to actualize the investments pledges and agreements.

• Marcos Jr. says amending the Constitution is not his priority

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