Ex-Finance chief urges removal of Constitution’s economic restrictions

Former Finance Secretary Margarito ”Gary” Teves on Friday urged the removal of the restrictive economic provisions in the 1987 Constitution which limited foreign participation in many sectors.

In a press statement, Teves said the removal would generate more businesses to supply consumer demand, thus lowering prices while ensuring a higher quality of goods and services amid intensified competition.

He added that scrapping the foreign-equity restrictions would facilitate the influx of foreign direct investments, which would later temper price hikes.

“It will create more jobs since more businesses will result in more job opportunities for Filipinos in our own country, preempting the need to work abroad,” Teves said. “More businesses competing for the talents and skills of Filipino employees would help improve real wages.”

Teves also said that removing these restrictions in the present Constitution would send a clear and compelling message of welcoming foreign investors.

He added that attracting more FDIs would help direct more capital, ”and thus more balanced growth in other regions.”

According to a recent Pulse Asia survey commissioned by international think tank Stratbase Institute, 64% of Filipinos believed that lifting the restrictions would lead to “an increase in high-quality jobs with high salaries and better benefits,” while 56% believed that “services to stakeholders/customers will be better.” — DVM, GMA Integrated News