Velasco urges amendments to Constitution to relax investment regulations to attract foreign investors

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Speaker Lord Allan Velasco is batting for amendments to the 1987 Constitution that would relax the country’s investment regulations in order to attract more foreign investments, especially in agriculture and manufacturing sectors.

While admitting that there may not be enough time to pursue the amendments, Velasco told leaders and members of the Joint Foreign Chambers of Commerce of the Philippines and local business groups that the House of Representatives will have to continue tackling the constitutional proposals.

Among the bills that are on top of the chamber’s list of legislative priorities are the Coconut Trust Fund Bill; the proposed National Land Use Act; and the amendments to the Build-Operate-Transfer Law and the Contractor’s License Law. Velasco said agriculture and manufacturing should be major sources of employment, especially for overseas Filipino workers , a huge number of them forced to return home amid the uncertainties of the COVID-19 pandemic.

“Unfortunately, one of the most crippling structural weaknesses in the Philippine economy is the underperformance of our agriculture and manufacturing sectors,” he said. So far, the Lower House has already passed and transmitted to the Senate the proposed amendments to the Public Service Act, the Retail Trade Act and the Foreign Investment Act.

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Huwag puro press release. Do it. Dapat nga federal Parliamentary system ang isulong para iwas nakaw.

Do a background check of all the Public Servants who wants to relax the regulations. Like the famous Bautista, they must be POCKETING/STEALING BILLIONS.

Velasco ipasara ung makabayan para hindi manunuog ng kung ano ano at mananakot para marami mag nenegosyo sa pinas!

Oh look look mlq3 - they haven’t given up on ChaCha (if needed, good to only carry out as part of peace deal w rebel farmers, after COVID-19 emergency AND when risks of term extensions, Senate abolition are much lower) fthilbay iampinglacson

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