MANILA: Once looked upon with distrust or scorned outright, efforts to introduce changes in the Constitution appear to be gaining support, particularly from the business sector.
At least 13 major business groups are calling on President Aquino to consider amending the economic provisions of the Constitution and reducing the list of industries where foreign participation is limited.
In a letter to the President dated June 19, the business groups said their request, if granted, would make the country’s economic growth more inclusive.
Several attempts to amend the Constitution during the previous Arroyo administration were blocked at every turn due to suspicion that they were intended to prolong her stay in power.
“We strongly urge your administration to consider amending the economic provisions in the 1987 Constitution, which restrict greater private sector participation,” the letter read. The Constitution sets a 40 percent limit on foreign ownership of certain industries.
“Pending such constitutional amendments, we suggest an initial and immediate course of action: to revise the Foreign Investment Negative List (FINL) by reducing the list of industries where foreign participation is limited,” they also said.
The recommendations, they said, are based on a series of dialogues among business groups and concerned sectors.
The FINL, updated every two years, identifies investment areas or activities reserved to Filipinos. The Philippine star
