The Senate will take the lead in reviewing the economic provisions of the 1987 Constitution, according to Senate President Juan Miguel Zubiri. This decision comes in response to concerns about a People's Initiative (PI) to amend the Constitution, which could have led to a constitutional crisis. President Marcos was not aware of the aim to diminish the power of the Senate. To address this issue, the President suggested that the Senate lead the discussions on economic provisions, with the House of Representatives adopting the Senate's version. To facilitate the review process, the Senate will form a subcommittee on constitutional amendments, led by Sen. Juan Edgardo 'Sonny' Angara. The subcommittee will focus on tackling economic revisions proposed by Zubiri, which include amendments to Articles XII, XIV, and XVI of the Constitution. The resolution proposing these amendments must be approved by three-fourths of all members of both houses of Congress. Zubiri expects the resolution to be adopted before the next congressional recess [0c336b61].
The challenges faced by the Subic Bay Metropolitan Authority (SBMA) have been deemed anti-business and threaten the country's economic progress. SBMA Chairman and President Johnson D. Tan's policies have rankled many businesses in the port area, leading to higher costs of doing business and the revocation of certificates without due process. This goes against the principle of due process enshrined in the Constitution. The government's vision to move the country to upper middle-income status and reduce poverty incidence relies on a vibrant economy with more jobs and income. The country's debt is approaching P13 trillion, and any additional economic shock could push it beyond repair. The SBMA should not be allowed to let businesses stagnate, and the government needs to ensure that all government bureaucrats align with the economic vision. The Philippines has earned investment grade ratings from Moody's, Standard and Poor, and Fitch Ratings, but the Covid pandemic has weakened the country's economic and fiscal strength. The burden of fiscal instability is a concern due to the country's debt and potential increase in interest rates.
The challenges at the SBMA and the push for lifting economic provisions in the constitution are two significant factors that could impact the country's economic progress. Streamlining business processes and creating a business-friendly environment, along with removing restrictive economic provisions, can contribute to a vibrant economy with more jobs and income, ultimately helping the Philippines achieve its goal of becoming an upper middle-income country and reducing poverty incidence [7d484182][abc1021d].