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CHA-CHA: NO FOR FRAMERS, YES FOR FOREIGN CHAMBERS

By: Marlon Ramos, Tina G. Santos - @inquirerdotnet
Philippine Daily Inquirer / 05:55 AM February 13, 2024



IMPORTANT VIEWS | Former Supreme Court Senior Associate Justice Antonio Carpio
(center), with economist Bernardo Villegas (left) and lawyer Rene Sarmiento,
both members of the 1986 Constitutional Commission that drafted the 1987
Constitution, on Monday, Feb. 12, 2024, attend the Senate subcommittee hearing
on the proposed amendments to the economic provisions of the Charter. (Photo by
MARIANNE BERMUDEZ / Philippine Daily Inquirer)



MANILA, Philippines — Three members of the body that crafted the 1987
Constitution on Monday opposed the plan to amend the Charter, but foreign
companies operating in the country — the expected beneficiaries of the proposal
— supported government efforts to ease the restrictions on foreign ownership in
economic sectors still protected by the Charter from non-Filipino investors.

These opposing views on Charter change (Cha-cha) were aired during the
resumption of the hearings by the Senate subcommittee on constitutional
amendments and revision of codes on Resolution of Both Houses (RBH) No. 6, which
seeks to amend specific economic provisions of the Constitution.

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Economist Bernardo Villegas, who headed the Committee on National Economy and
Patrimony of the 1986 Constitutional Commission, said this was not the opportune
time as the government has to tackle two pressing economic conditions.


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First, he said, President Ferdinand Marcos Jr. and his economic team should
address the country’s “scandalous” poverty incidence of 21 percent, currently
the worst in the Southeast Asian region.



Secondly, he added, the government needed to secure at least $15 billion in
foreign direct investments annually until the end of the President’s term in
2028.

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However, Villegas agreed that the Charter needed to be modified to make the
economy more attractive to foreign capital.

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“I’m the first one to say that sooner or later we have to amend this very
imperfect Constitution of 1987,” Villegas said at the hearing presided by Sen.
Juan Edgardo Angara.

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“The question right now is timing,” he stressed. “I do not think that we need
Cha-cha today.”


LIBERAL INVESTMENT LAWS

Two other framers of the Constitution — lawyer Rene Sarmiento and Florangel
Braid — also rejected the Charter change.

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“Revising the economic provisions will not be the ‘Midas touch’ that will unlock
the economic prospects and promise of the Philippines,” Sarmiento said.

According to him, altering portions of the Charter “will be the spark that can
start a prairie fire of succeeding amendments concerning political, judicial,
social justice and human rights provisions.”

Braid, who participated in the hearing online, said the constitutional
40-percent limit on foreign ownership of major businesses should be kept intact
to protect the country’s sovereignty and security.

For retired Supreme Court Senior Associate Justice Antonio Carpio, Cha-cha
movers gave “false reasons” to blame the prohibition on full foreign business
ownership for the country’s lackluster economic growth in the past four decades.

In fact, he said, the Philippines now has “one of the most liberal foreign
investment laws” after the enactment in March 2022 of Republic Act No. 11659,
which amended the Commonwealth-era Public Service Act.


PROTECTION BY LEGISLATION

The Joint Foreign Chambers of the Philippines (JFC) supports Charter change,
which groups the American, Australian-New Zealand, Canadian, European, Japanese,
and Korean chambers of commerce in the Philippines, representing more than 3,000
member companies in various industries.

“We are of the opinion that the removal of economic restrictions would
facilitate increased foreign investments in sectors where such investment is
currently restricted,” said Julian Payne, president of the Canadian Chamber of
Commerce of the Philippines, who represented the JFC during the hearing.

Payne said the JFC recognized that the government’s mandate and duty in all
countries was to protect the national interest.

“That happens in every country,” he said, but noted that for most national
economies, such interest was protected by the use of legislation or executive
action, “not in the Constitution.”

“The advantage of using legislation or executive action is that with these forms
of regulation, both legislature and or the executive can quickly adjust to
changing business conditions in the international environment,” Payne pointed
out.

“If the Filipino people decide to amend the Constitution, we would actually be
in favor of removing the economic restrictions from the Constitution,” added
Florian Gottein, executive director of the European Chamber of Commerce in the
Philippines.


TURNED OFF BY BUREAUCRACY

While he agreed with the foreign chambers, financial industry representative
Eduardo Francisco, president of BDO Capital and Investment Corp., said foreign
investors were turned off not by ownership limits “but by bureaucracy, red tape
and corruption.”

“Just an example, for foreign investors we talked to regarding renewable energy,
it still takes 167 signatures for a project to get approved. So even if we have
the Renewable Energy Act, trade liberalizations and tax benefits, [the approval
process] just takes so long, it takes around five years,” Francisco said.

READ: Dalipe to senators: Are you in favor of Charter change or not?

“That’s crazy, 167 signatures,” noted Angara.

“It’s actually gone down, a few years back (the required signatures) was 250.
But unfortunately, 167 is really, I agree, crazy. That’s really the real
bottleneck. So even if we’re all one in wanting to have more energy that is
cheaper, what’s preventing the investors from actually getting the project is
all the bureaucracy,” Francisco said.

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“I also agree with the foreign chamber… any change that can improve the
investment (climate) in the country. But what’s more important are the
low-hanging fruit[s] … if your honors can do something there, that really helps
spur more investment,” Francisco said.

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TAGS: amendments, charter change, Constitution


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