Con-Con can spook investors, derail economic gains – business groups

MANILA, Philippines – Philippine business organizations have urged lawmakers to reconsider their bid for a constitutional convention the 1987 Constitution, calling it is a “potentially disruptive proposal” that may drive away investors and mute the gains of the government’s economic reforms.

“We respectfully urge the Senate – and the House, if and when the deliberations progress – to consider these and other points raised by our colleagues in various sectors as you decide on this potentially disruptive proposal at a time when the country may be poised to regain its economic momentum,” they said.

They noted that existing laws have already loosened economic restrictions, citing amendments to the Public Service Act, Retail Trade Liberalization Act, and Foreign Investment Act, as well as the passage of the Rice Trade Liberalization Act and the recent Department of Energy circular allowing full foreign ownership of businesses engaged in renewable energy.

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