Cagayan de Oro 2nd District Rep. Rufus Rodriguez (File photo)
MANILA – House Committee on Constitutional Amendments chair Rufus Rodriguez on Friday welcomed the assessment made by Fitch Solutions that highlighted the country’s need for Charter changes to attract more foreign investments.
“The Fitch assessment supports our initiative to rewrite the restrictive provisions of the Constitution to enable the country to entice more foreign investors,” said the lawmaker from the 2nd District of Cagayan de Oro City.
“More investments will translate to more job and income opportunities for our people. Additional foreign capital will allow the country to sustain its economic growth,” he said.
In its report, Fitch Solutions said Charter changes would have a positive impact on the investment environment.
"While it is still early days in the process, any pro-business changes to the Philippines’ business environment would pose upside risks to our long-term growth forecast for the Philippines and in particular to investment," it said in a commentary on Tuesday.
It said the removal of foreign direct investment restrictions could lead to more foreign investments in the years ahead, while pointing out that investment conditions in the country for foreigners have been “historically challenging due to restrictive rules.”
Rodriguez urged the Senate “to read the Fitch Solutions report.”
On Monday (March 6), the House overwhelmingly voted to approve Resolution of Both Houses (RBH) No. 6 which calls on Congress to convene a constitutional convention to propose amendments to the Constitution.
Speaker Martin Romualdez led 301 of the 314 House members in signing the resolution.
The House of Representatives also approved with an overwhelming vote a companion implementing bill.
Both the resolution and the bill will shortly be sent to the Senate.
Romualdez and Rodriguez, however, were one saying that the House constitutional amendment initiative would be limited only to tweaking the Charter’s economic provisions, which, according to them, restrict the entry of foreign investments.
“The rewriting of such provisions could be the 'final piece in the puzzle' of improving the country’s investment and economic environment,” Speaker Romualdez said. (PNA)
