‘Cha-cha on econ provisions could be BBM’s legacy’
He advised lawmakers and the president to “behave themselves and just look at the economic provisions. I think along those lines, the President would leave a brilliant legacy for which he will be remembered for all time to come.”
President Ferdinand Marcos Jr. could leave a “legacy” and put the country in a better shape through Constitutional change but only if amendments are done on the charter’s restrictive economic provisions, a bank executive said.
Former Finance secretary, Development Bank of the Philippines chairman and CEO, Asian Institute of Management of the Philippines president and currently Philippine Veterans Bank chairman Roberto F. De Ocampo told The Daily Tribune that the proposal should exclude changes to the country’s political structure, especially those relating to terms in office of government officials.
Temptation
“If it starts moving towards the temptation for keeping themselves in office forever, then that becomes a little bit difficult,” De Ocampo said last Tuesday in an interview on The Daily Tribune’s online show, Straight Talk.
He said the problem with changing political structures is that it’s supposed benefits are difficult to be realized and conveyed to the people. “That is the perception; it’s very personalized. Everyone is watching out for how I can personally benefit from this? Rather than how can a country benefit from it?”
Focus on economic provisions
He said lawmakers must focus on the Constitution’s economic provisions, especially to pave the way and make the Philippines an attractive destination for foreign direct investments so that the country can catch up with its neighbors in the region. “If you look at foreign direct investments alone, we’re being beaten by Vietnam. When it comes to thinking about opening up our economy to foreign investment, or everybody else opening it, we don’t. Its taking us forever.”
Senator Robinhood “Robin” Padilla who chairs the committee on constitutional amendments and revision of codes, has filed a resolution seeking to amend the 1987 Constitution to change its economic provisions in support of efforts to open up the local economy to more foreign investors, including the state signatories of the recently Senate-approved Regional Comprehensive Economic Partnership. This will allow freer exchange of goods and services between the 10-member states of the Association of Southeast Asian Nations, as well as China, South Korea, New Zealand, Australia and Japan.
RCEP
Global data show that RCEP, which has been under negotiations for eight years, will be the world’s largest free trade agreement involving over a third of the global economy and some 30 percent of the global gross domestic product.
However, speculations remain that the changing of the Constitution is intended by government officials to prolong their terms, as Congress members are mostly allies of President Ferdinand Marcos Jr., including his own son, and first cousin, Speaker Martin Romualdez.
“The government will benefit by the President’s passing on a legacy for all time, that will uplift the livelihoods of the Filipino people,” De Ocampo said.
He advised lawmakers and the president to “behave themselves and just look at the economic provisions.”
He stressed, “I think along those lines, the President would leave a brilliant legacy for which he will be remembered for all time to come.”
Lawmakers must focus on the Constitution’s economic provisions, especially to pave the way and make the Philippines an attractive destination for foreign direct investments so that the country can catch up with its neighbors in the region.