Deputy Majority Leader and Iloilo Rep. Janette Garin on Wednesday said the proposed economic Charter change will make the Philippines more friendly to foreign investments and attract more investors to its shores.
“What is preventing us from taking off with our own Constitution? That’s natural, because nobody is perfect. So that’s being admitted now, but the don’t understand,” Garin said. She said one of the concerns of foreign investors is not being able to own land in the Philippines because the Constitution prohibits it.
The congressional leader made the assessment in response to two adverse economic outlooks on the Philippines from foreign institutions. On March 29, the US Trade Representative cited foreign ownership limitations in the Philippines as one of the barriers to trade and investments, while the Milken Institute’s Global Opportunity Index report for 2024 said the country ranked 91st out of 130 nations when it comes to attractiveness to foreign investors due to financial access.