Balisacan: Amend Charter’s economic provisions

SOCIOECONOMIC Planning Secretary Arsenio Balisacan is open to amending only the economic provisions of the 1987 Constitution.

“My stance has consistently been one of strong support for the proposed amendments to the restrictive economic provisions of our Constitution,” he said.

“I believe that these changes are crucial for the economic advancement and competitiveness of the Philippines,” Balisacan added.

On the sidelines of the 2024 Annual Reception for the Banking Community on a late Friday night, Balisacan emphasized the importance of introducing competitive pressure to enhance efficiency, improve the quality of goods and services, and maintain competitive pricing in the economy.

He added that removing restrictive economic provisions through amendments will create a more conducive environment for local and foreign investments, ultimately promoting increased economic growth and development.

“Foreign competition also ... by getting investors to come in, they provide extra competition, and they also bring in new technologies, new ways of doing things,” Balisacan said.

“We need those kinds of externalities, you know, to indicate. So, there are many benefits of being open. Not just growth in the short term but also, it creates dynamics,” he added.

Balisacan emphasized the need to lift restrictions and highlighted that, in addition to removing barriers, it’s crucial to improve ease of doing business, reduce costs for inputs such as energy, and enhance policy predictability.

“There are several policy reforms needed to get the full benefits of removing the economic restrictions in the Constitution,” Balisacan said.

“These changes are essential in making our nation more attractive to foreign investments and more adaptable in the global economic landscape,” he added.

It is crucial to note that while expressing support for these amendments, Balisacan emphasized his advocacy for a balanced approach.

This involves upholding certain protections, such as opposing full foreign ownership of land, as articulated by President Ferdinand Marcos Jr.

“I reiterate my full support for the Charter amendments on the restrictive economic provisions and encourage our lawmakers to continue their diligent work towards realizing these changes,” Balisacan said in a statement on Saturday.

“The focus of my message is on the positive impacts that these amendments will have on our country’s economic environment, and I look forward to the advancements they will bring,” he added.