Trade Secretary Alfredo Pascual said he supports efforts to tweak certain economic provisions in the 1987 Constitution.
“We have done a lot of liberalization. We have amended Public Service Act, Foreign Trade Act, Retail Trade Liberalization Trade Act and we have CREATE [Law] that has provided incentives to investment,” he said in a telecast interview.
“The thing is that these laws can be changed anytime. The Constitution sends a more permanent signal to our stakeholders and investors, since it is the foundation of government, so it is more credible. It can provide greater comfort in terms of permanence and reliability of the commitment of the government with respect to foreign investments,” he said.
Pascual said among the provisions that needed to be improved is foreign ownership which could be a touchy issue. “The Constitution can provide a longer and clearer provision on leaseholds,” he said. Othel V. Campos