Why ‘Cha-cha’ long overdue

I’m glad that the Partido Demokratiko Pilipino — Lakas ng Bayan or PDP Laban has come out in support of the Charter change proposed by Senator Robin Padilla.

The amendment of the restrictive economicprovisionsin the 1987 Constitution is necessary to promote progress and improve the lives of ordinary Filipinos. It is essential to inform the people why the country’s growth has been held back and what must be done to address this.

Senator Padilla’s resolute pursuit of Charter change, despite some of his colleagues’ lack of enthusiasm for his proposal, deserves commendation. Perhaps his unwavering perseverance may be buoyed by Senate President Juan Miguel Zubiri’s statement that they “will keep an open mind regarding the proposal.”

Senator Padilla remains steadfast in his commitment to the cause, as he announced to end all deliberations to finalize the Senate Committee on Constitutional Amendments and Revision of Codes’ report on Charter change as soon as possible.

PDP Laban’s support of Charter change emanates from evidence-based studies conducted by credible institutions. A 2021 report by the World Bank indicated that relaxing foreign ownership restrictions could improve the country’s attractiveness to foreign direct investments and facilitate technology transfer and knowledge sharing, ultimately leading to increased job opportunities and higher economic growth.

A study by the Asian Development Bank found that allowing foreign ownership in certain industries could enhance competition and innovation, driving productivity and efficiency gains in the long run.

Notably, the current limitations on foreign ownership have hindered the country’s ability to fully capitalize on the benefits of globalization and international trade. For example, the Philippines lags behind other ASEAN countries in terms of FDIs, and foreign investors have expressed reluctance to invest due to the strict restrictions on foreign ownership in the Constitution.

Therefore, it is essential to emphasize that the proposed amendments will not only promote foreign investments but will also help address the economic challenges facing the country. By opening up more opportunities for foreign investors, the country can tap into a broader pool of capital and expertise, fostering economic growth and development.

Certain lawmakers and citizens have voiced apprehension regarding the possibility of foreign dominance over the Philippine economy, the potential degradation of labor protections and wages tAhrough a “race to the bottom,” and the erosion of democratic safeguards enshrined in the Constitution. Nonetheless, it is crucial to strike a balance between these concerns and the imperative to attract foreign investments, stimulate economic advancement, and generate greater employment opportunities for Filipinos while preserving our democratic liberties.

While I agree to a certain degree with the concerns raised by the opposition, history bears witness to the benefits of undertaking several constitutional amendments to adapt to the rapidly changing economic landscape. As a case in point, Singapore’s ascent to first-world status can be primarily attributed to its proclivity and receptiveness towards implementing numerous revisions to its Constitution, to align with the shifting tides of the nation’s economic requirements.

The said constitutional amendments were instrumental in establishing a foundation for Singapore’s rapid economic growth and development, culminating in the country’s attainment of first-world status. Notably, these economic revisions were aimed at creating a conducive business environment, promoting entrepreneurship, attracting foreign investments, and developing infrastructure — all of which proved to be key drivers of Singapore’s economic success.

The 1987 Constitution has not translated into the desired enhancement of our economic growth. Conceivably, the reluctance of specific lawmakers and citizens to modify the Constitution stems from their reluctance to surrender their jurisdiction over critical industries and resources. These individuals are exploiting fear-mongering tactics to advance their agenda by propagating misleading information among the populace.

The Constitution requires the appropriate economic provisions to encourage foreign investments, foster economic progress, and elevate the quality of life for the Filipino populace. It is imperative to harmonize the concerns expressed by lawmakers and citizens with the necessity to propel the country toward a more prosperous and thriving future. Senator Padilla’s unwavering commitment to the cause and his steadfast efforts to promote the greater good of the nation command admiration and respect.

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The reluctance of specific lawmakers and citizens to modify the Constitution stems from their reluctance to surrender their jurisdiction over critical industries and resources.

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The 1987 Constitution has not translated into the desired enhancement of our economic growth.