The Senate President, Juan Miguel Zubiri, has filed a resolution to amend the economic provisions of the 1987 Constitution, receiving support from fellow senators. The resolution aims to liberalize certain industries, promote efficient service delivery, and encourage competition. Senator Sherwin Gatchalian highlights the restrictions on foreign ownership in public utilities and educational institutions, filing a separate resolution to address these restrictive economic provisions. The Philippines is currently ranked as the third-most restrictive country in terms of foreign direct investment among OECD member countries. Senator Juan Edgardo 'Sonny' Angara welcomes the review of economic provisions, clarifying that it is limited to public services, educational institutions, and advertising. Senator Francis Tolentino suggests including minerals in the West Philippine Sea in the measure. Senator Imee Marcos expresses support for the resolution and disappointment over attempts to change the Constitution through a People's Initiative. Zubiri emphasizes the importance of preserving the bicameral nature of legislation and assures that the review of economic provisions will be conducted carefully [632a7cbf].
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].