MANILA - Removing the constitutional restrictions on foreign ownership and foreign investment in many industries will make the country more attractive for foreign investors which can boost these industries, an economic advocacy group said on Thursday.

The Foundation for Economic Freedom said now is the right time to change these constitutional provisions since the President is not invested in the 1987 constitution.

FEF President Calixto Chikiamco cited the government's procurement law and the local creative industries.

"For example in our procurement law, the government is mandated to award bids to Filipino suppliers even if they're 20 percent more expensive," Chikiamco said.

He added that this was being abused by Filipino businesses to extract rent, instead of competing with foreign suppliers.

Filipino-only restrictions on mass media, advertising, educational institutions, ownership of land and natural resources should also be reviewed, Chikiamco added.

He also said the country has the potential to do exports in the creative industries just like South Korea exports its pop culture and movies..

"In South Korea, they are open to foreign capital, like BTS has foreign capital behind them, but in our case we can't accept that because of the constitutional limitations on 100 percent Filipino (ownership)."

• Some QC residents claim they were offered wrong information on cha-cha petition
• Senate charter change push shows House was right all along: Dalipe