Much ‘can be done’ without Cha-cha–eu envoy to PHL
AMID ongoing talks to amend the Philippine Constitution to further liberalize the economy, EU Ambassador to the Philippines Luc Véron emphasized that “a lot can be done without touching the Constitution.”
“Most of the things that we are discussing, including on the ease of doing business and so on, do not ...have no...the Constitution has no impact. It’s mostly legislation or rules and regulation,” Véron said at a briefing organized by the European Chamber of Commerce of the Philippines (ECCP) on Wednesday in Makati City.
While he emphasized that “a lot can be done without touching the Constitution,” he said, “We will of course look at the results of these political debates.”
Should the Philippines push through with constitutional reform, the ambassador noted that, “We will look at the impact it may have on foreign investment and ease of doing business.”
Various business groups, both foreign and local, have different takes on the proposed amendments to the Constitution, particularly on the economic provisions of the law.
A few weeks ago, Management Association of the Philippines (MAP) President Rene D. Almendras said that while the business group is willing to work with proponents of Charter change, the elephant in the room is the education crisis in the country, particularly ensuring that the country has ample workforce-ready Filipino graduates.
“I think the bigger issue for us really is we really worry about the situation of the economy relative to the realities that we have today. We worry about what’s going to happen five years from now, are we still gonna have students? Or can the graduates at that time be competitive to...what about the regulatory environment or structures?” Almendras said in a televised interview.
Other foreign chambers such as the American Chamber of Commerce of the Philippines, Inc. (Amcham) and the British Chamber of Commerce of the Philippines (BCCP) also expressed support for the removal of foreign equity restrictions from the Constitution.
“Amcham has and will continue to support the removal of foreign equity restrictions in its Constitution,” noting that the Philippines is “one of very few countries that have placed investment restrictions in its Constitution,” said Amcham Executive Director Ebb Hinchliffe.
For BCCP Executive Director Chris Nelson, “Overall, I think you could do it piecemeal.but of course the charter change would bring in a much quicker response.”
“And in that context I would say we are always advocating companies to come do business in the Philippines. It’s an attractive market and it’s also a gateway to Southeast Asia, and anything that can move and further liberate the economy will be supported,” Nelson said in a televised interview in early January of this year.