MANILA, Philippines — The Foundation for Economic Freedom (FEF) is backing moves to amend the 1987 Constitution by lifting restrictive economic provisions to enable the country to attract foreign investments.
In a statement yesterday, FEF said the group has been at the forefront in pushing for changes to the Constitution, particularly the removal of provisions that have hindered the country’s growth and development.
“We believe that the removal of restrictive economic provisions sends a clear and compelling message to foreign investors, signaling a warm welcome to investment and business operations in the Philippines,” the FEF said.
Composed of top economists, former and present cabinet secretaries and undersecretaries, leading figures in academe, opinion-makers, and prominent members of the business and finance community, the FEF is dedicated to advance the cause of economic and political liberty, good governance, secure and well-defined property rights, market-oriented reforms and consumer protection.
FEF’s statement comes amid a renewed push at the House of Representatives to amend the Constitution’s economic provisions.
While reforms intended to encourage foreign investments to the country such as the amendments to the Public Service Act, the Foreign Investment Act, and the Retail Trade Liberalization Act were enacted during the previous administration, the FEF said the country still lags behind its Southeast Asian neighbors in terms of foreign direct investment inflows.