‘Foreign investments to create more jobs’
A FORMER overseas Filipino worker from Singapore believes that a Constitution with little to no restrictions on foreign investments will create more jobs and keep OFWs like him from leaving home to work abroad.
Orion Perez Dumdum, who heads the pro-constitutional reform group Correct (Constitutional Reform & Rectification for Economic Competitiveness & Transformation) Movement, told the House Committee on the Whole meeting that tackled Resolution of Both Houses (RBH) 7 last Wednesday that instead of adding the phrase “as provided by law,” removing all restrictive economic provisions in the Constitution is the better option.
Dumdum cited the Organization for Economic Cooperation and Development which said that the effect of removing the restrictions is the strongest, as the Philippines ranks third in being the most restrictive economy in the world.
He said that joint foreign chambers have repeatedly called for easing the restrictions that discourage their countries from investing in the Philippines.
“We should have more advanced technology, more efficient distribution. [The restrictive economic provisions in the Constitution] is the root cause why electricity is expensive. Delete all anti-foreign restrictions caused by these,” Dumdum said.
In a subsequent interview with The Manila Times on Thursday, Dumdum said those against amending the charter do not look at the bigger picture of having more investments creating more jobs for Filipinos.
He also said the argument that foreigners may “take control” of the country’s national sovereignty is a “fallacy,” since foreign companies are bound by Philippine laws.
Cagayan de Oro City 2nd District Rep. Rufus Rodriguez and Iloilo 1st District Rep. Janette Garin agreed with Dumdum.
Rodriguez had earlier suggested that RBH 7 be renamed as the first amendment to the Constitution since the current title limits changes to the provisions on public utilities, education and advertising.
“The first sentence: All prohibitions and limitations for Foreign Investments in the 1987 Constitution are hereby lifted and repealed. Next sentence: Congress shall enact legislation to regulate foreign investments in the Philippines,” Rodriguez said.
Garin said removing economic restrictions will create “broader opportunities” for Filipinos that will make them turn down offers to work overseas.
“If we open up opportunities, even for research and other fields, wouldn’t our talented scientists, engineers and professionals return to work in the Philippines? Doesn’t RBH 7 imply that the Philippines will be opened up so that companies can afford higher salaries, leading to a better life for every Filipino family?” Garin said.