Dubious claim

Lawmakers pushing for Charter change argue that it is precisely meant to benefit the economy. But as many others have said, there are many ways to open the economy and make the country attractive to investors without amending the Constitution. They include removing import quotas still imposed on some commodities, cutting back more red tape that eats into investment returns, and even stamping out corruption. There are also bills still pending in Congress, including in the House, that can help improve the local investment climate.

Sure, the Constitution has flaws. But correcting them seems less urgent than pursuing other options that are not as politically risky.

Our columnist Stephen Cuunjieng pointed out that investment darlings like China and Vietnam have rules that are more restrictive than our Constitution. Their prohibition of land ownership, not to mention restrictions on the repatriation of capital, does not repel foreign investors. Therefore, there must be other reasons fewer investors are coming here.

Those pushing for Charter change are right in one thing, though. The time to act is now — before the Philippines falls further behind.

Sadly, they are wasting their time and public resources campaigning for something that is unacceptable to most Filipinos. Charter change fails to resolve the actual reasons business costs are higher here compared to elsewhere in the region. Insisting that Charter change is the only way or even the best way to realize the country’s economic aims simply sounds dubious.

If left unchecked, the political noise may spook investors and undermine the work to portray the Philippines as an ideal place to do business. Charter change seems like more trouble than it’s worth.