Not unusual

As mentioned earlier about the Philippines, a typical complaint is the constant shifting in rules and policies that create an unstable and hard to predict business environment. This is what some people mean when they claim that there is no sanctity of contracts in the Philippines. On a positive note, people are more hopeful about the new Marcos government because it pledged to continue many of the policies of the previous Duterte administration.

As expected, though, the Senate has started public hearings on amending the Constitution, perhaps even changing the entire system of government. And recently, there was a suggestion being floated to scrap the 1987 Constitution and bring back the 1935 Constitution.

Whether or not these proposed changes are beneficial, is not the point of this editorial. Rather, talk of change is like background noise to efforts to lure more investments into the Philippines.

President Ferdinand Marcos Jr. just wrapped up a visit to the United States where he talked to major American conglomerates and business groups about opportunities here. Earlier, he visited Indonesia and Singapore where he secured investment and trade pledges worth billions.

One might wonder whether prospective investors might be thinking about how their businesses might be affected by the proposed changes, and whether future governments will continue to honor the commitments made today. Economic managers and policymakers need to ponder on that possibility. Addressing it could unlock the full potential of the Philippines.