CEBU CITY, Philippines – Local officials and business leaders in Cebu expressed optimism that proposed amendments to economic provisions in the 1987 Constitution will attract foreign investments during a public hearing held by the Senate Committee on Constitutional Amendments and Revision of Codes on Thursday, March 16.
Calixto Chikiamco, an economist from the Foundation for Economic Freedom, said the country has the most concentrated economy in Asia, with a dominance of monopolies due to restrictions set by the post-Edsa Revolution charter on foreign company entry, preventing healthy competition. Cebu City Mayor Michael Rama expressed support for Padilla’s proposed constitutional amendments, saying changes were needed “for the future of the Sugbuanons.”
The proposed amendments would allow foreigners to buy private lands not exceeding 1,000 square meters, and foreign-owned corporations to acquire rural private lands not exceeding five hectares in FDI areas.