Business groups yesterday reaffirmed their support for plans to amend the economic provisions of the Constitution.

At the sidelines of the dialogue between business groups and leaders of the House of Representatives on Wednesday, Makati Business Club (MBC) Chairman Ramon R. Del Rosario, Jr. stressed the business community's support for charter change to ease the 1987 Constitution's provisions on foreign ownership.

"We in the business community are very united that we think this is the time to act on this. We're also hopeful that this is something that we can convey to the Filipino people so that they'll realize what the benefits are," Mr. Del Rosario said.

The MBC chairman said that the Constitution's economic provisions hinder foreign investments, and "lifting these restrictions would open up the economy for more job­creating industries".

"We really need to put everything we've got together to try and address this issue, including things like looking at our Constitution and what are the restrictions there that impede the inflow of our investments into our economy because, to create jobs, you really need investments. Let us open up those areas of our economy where more employment can be created," he said.

American Chamber of Commerce of the Philippines (AmCham) Senior Adviser John D. Forbes expressed support, too, and said that "everyone is on board" to push for amendments to the Constitution's economic provisions.

Mr. Forbes also expressed confidence that the 16th Congress will pass measures that will help the investment climate in the country.

For his part, Henry J. Schumacher, executive vice­ president of the European Chamber of Commerce of the Philippines (ECCP), said: " We fully support it. Those changes will help to get the desired FDI (foreign direct investments) into the country."

Asked on the particular restrictions he wants changed, Mr. Schumacher said he supports the amendments contained in the resolution filed by House Speaker Feliciano R. Belmonte, Jr.

Mr. Belmonte had filed House Joint Resolution No. 1 at the beginning of the 16th Congress last July 5, to add the phrase "unless otherwise provided by law" to the economic provisions of the Constitution that limit foreign ownership in the Philippines

At the sidelines of yesterday's dialogue, the House Speaker said Congress vowed to fast­track the approval of bills that would help create a better investment climate in the country.

"We promised them that we will fast­ track this. These are already things pending with us," he said.

According to Mr. Belmonte, the bills that the business groups want Congress to pass include:

• amendments to the cabotage law,

• amendments to the build-­operate­-and­-transfer law,

• the anti­trust bill,

• rationalization of fiscal incentives,

• rationalization of mining revenues,

• the customs modernization and tariff bill,

• amendments to the acquisition of right of way of government infrastructure projects law, and

• other measures that would grant broader protection for consumers.

The business groups meet with Congress regularly to discuss bills that businessmen want Congress to consider.

Source: Business World, 13 February 2014