Constructive discussion on constitutional issues vital to nation’s progress

The proposal to amend the 1987 Constitution and allow foreign ownership in key sectors like media, education, and advertising, has sparked intense debate. On the occasion of Philippine Constitution Day earlier this month, President Marcos declared: “I will not stand idly by, but rather, will proactively confront these (constitutional) issues head on. For it is my sworn duty as elected President to preserve and defend the Constitution, and also to ensure that laws, especially the fundamental law of the land, are faithfully executed.”

Clearly, the President is encouraging vigorous debate and discussion that, hopefully, would bring about needed reforms essential to the attainment of sustainable long-term growth and development.

While the recent amendments to the Public Service Act now open railways, airports, expressways, and telecommunications to 100 percent foreign ownership, there remain some restrictions in other sectors.

As we navigate the challenges of a rapidly changing global landscape, it is essential to reevaluate our policies and consider strategic amendments that can propel our nation forward. Some areas that may be ripe for liberalization are mass media, education, and advertising.

Liberalizing ownership in mass media, education, advertising, and other key sectors can attract more foreign direct investments (FDIS). Increased FDI can stimulate economic growth, create jobs, and enhance competitiveness.

Another advantage is that foreign investors often bring in advanced technologies, fresh management practices and perspectives, and innovation to boost business. This infusion can modernize local businesses.

Likewise, allowing foreign ownership aligns with globalization trends. It fosters collaboration, cross-cultural exchange, and knowledge sharing — factors that are certain to invigorate economic growth.

The goal is not only to attract foreign capital but also to elevate the standard in business management.

By embracing foreign expertise, we can enhance creativity, expand market reach, and create a vibrant business environment.

While the country tries to move toward economic liberalization, it is essential to strike a balance between openness and protecting national interests.

It is incumbent upon the government to safeguard our cultural identity and national narratives. Striking a balance between foreign influence and local practices is crucial. A carefully crafted regulatory framework can ensure this.

Even if we move to open the economy to foreign investors, the government must not lose sight of its responsibility of ensuring fair competition. Liberalization should not lead to monopolies or unfair advantages. Robust competition policies, transparency, and accountability mechanisms are essential. We must create an environment where both local and foreign players thrive. Such liberalization may also be implemented gradually as exemplified by recent legislation. The Senate has signified that it intends to conduct a thorough review of proposed constitutional reforms — and has invited the House of Representatives to consider a convergence of efforts.

Let’s keep in mind that the proposed amendments are not about surrendering sovereignty but about strategic empowerment. By considering the liberalization of foreign ownership in media, education, advertising, and other key sectors, we can foster innovation, elevate standards, and position the Philippines as a regional and global leader.