Speaker Feliciano Belmonte Jr. said amending the restrictive economic provisions of the Constitution has become even more urgent now that the Philippines needs to  sustain its positive growth rate and cement its position as a major hub for foreign investments in Southeast Asia.

Belmonte, who is also the honorary chairperson of the National Unity Party (NUP), cited a recent report of the Bangko Sentral ng Pilipinas showing that the net inflow of foreign portfolio investments jumped to 8.08 million in May, which is a reversal of the net outflow of 0.84 million recorded in the same period last year.

The Speaker also noted that the Philippines and Japan recently held an Industrial Cooperation Dialogue to assess how our country can expand its role as a viable destination for big-ticket industrial foreign investments by Japanese firms, as a  human resources  development center in the region and  in enhancing the competitiveness of small- and medium-sized enterprises (SMEs)

The Department of Trade and Industry said Japan wants the Philippines to become its regional manufacturing hub in Southeast Asia given our country’s robust economic performance.

"We can sustain and even boost these positive economic developments and the high confidence of foreign investors  in our country if we can ease our Constitution of these restrictive economic provisions now," Belmonte said.




In preparation for the integration of the economic community of the Association of Southeast Asian Nations (ASEAN) in 2015 and in anticipation of Charter change, the House of Representatives ratified the committee report on House Bill 3984 and Senate Bill 2159, which seeks to allow the full entry of foreign banks into the country.

The Act provides that the Monetary Board may authorize foreign banks to operate in the Philippine banking system through 1) acquiring, purchasing or owning up to 100 percent of the voting stock of an existing bank; 2) investing in up to 100 percent of the voting stock of a new banking subsidiary incorporated under the laws of the Philippines; and 3) establishing branches with full banking authority.



The Speaker’s pitch for economic Charter change recently got the support of economist and  former Constitutional Commission delegate member Bernard Villegas, who said that   the Philippines should open its doors to foreign direct investments to be able to match the aggressiveness of its Asian neighbors in revving up their respective economies.

"Former ConCom member Villegas stated it is clear that these restrictive economic provisions in our Constitution are harming our foreign direct investments. We thank him for helping open the minds of Filipinos on the significance and necessity of undertaking cha-cha now," said Belmonte.