Puno: Kampi to Seek Changes to Charter Economic Provisions

Article excerpt

The administration coalition will vigorously pursue moves to amend economic provisions of the Constitution to facilitate a more investment friendly country especially amid the world economic slowdown, a senior government official said yesterday.

Interior and Local Government Secretary Ronaldo Puno said the alliance of Lakas-CMD and Kabalikat ng Malayang Pilipino (Kampi) prefers to pursue economic reforms before political amendments are introduced in the 1987 Charter.

As world nations struggle from the fallout of sluggish US economy, Puno, also chairman of the Kampi party founded by President Arroyo, said the country needs to liberalize its foreign investment industry to enhance global competitiveness and encourage more businesses in the country.

"We are in a global economic and financial crisis, our country is itself suffering. We are looking for investments at a time when people all over the world are confused about where to put their investments. What better time than now to clarify our national policies towards investors," he told reporters in a chance interview in the Malacanang.

Puno noted that some foreign investors are hesitant to do business in the Philippines because of restrictions on foreign land ownership, among others, in the Charter.

"Why would you invest in a country that forces you to be a minority in the corporation that you organize? …