If you want liberalization, amend the Constitution - Arroyo

MANILA, Philippines - President Gloria Macapagal-Arroyo on Friday said the next step to help sustain the economic gains of the country would be to amend the Constitution. Mrs Arroyo made the remark during the Business Round-table with the Government of the Republic of the Philippines at the Dusit Thani Hotel in Makati City where she said that her administration has done everything possible and allowable under the law to boost and strengthen the country's economy. The next step, she told her audience, would be to push for liberalization through the Constitution. "We have done all the liberalization we can do within the law, so now the next liberalization has to be through the Constitution and there are now initiatives in Congress to liberalize the economic provisions… these are mostly the 60-40 restriction," she said. Mrs Arroyo was apparently referring to the constitutional provisions barring foreigners from having majority ownership of properties. Trade Secretary Peter Favila, for his part, said that local government units are supporting the proposed amendments and have declared that they would make representations with their congressmen in a bid to convince Congress to prioritize the move. Favila said in a forum he attended with local government unit heads last Thursday that there was a call for the doing away "with our biases towards foreign investors, foreign equity and the like and there's really a need to have the economic provisions from the Constitution amended." Southern Leyte Rep. Roger Mercado said no less than Speaker Prospero Nograles is pushing for the Charter amendments specifically the provision on the 60-40 ownership. "We wanted that our economic partners especially our foreign partners be involved in the development of our economy. So we are explaining now to our people to accept the amendment in line with the global realities now, that there is really a need for us to be part of the international community," he said. Mercado said they would report to the people and Congress of the "snowballing" of support for the Charter amendments both from local and international community. - GMANews.TV