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Former Finance Secretary Urges Removal of Restrictive Economic Provisions in Constitution

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Finance Secretary,Restrictive Economic Provisions,1987 Constitution

Former Finance Secretary Margarito ''Gary'' Teves calls for the removal of restrictive economic provisions in the 1987 Constitution to attract more foreign investments and create more job opportunities for Filipinos.

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.

"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.

 

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