Senator Robin Padilla on Friday released a draft copy of the Senate Committee on Constitutional Amendments and Revision of Codes' report on the measure seeking to reform the economic provisions of the 1987 Constitution via constituent assembly (con-ass).
Senator Robin Padilla on Friday released a draft copy of the Senate Committee on Constitutional Amendments and Revision of Codes' report on the measure seeking to reform the economic provisions of the 1987 Constitution via constituent assembly .
Congress may, by law, solely for the purpose of foreign direct investment allow aliens to acquire private lands not exceeding 1,000 square meters in area; and foreign-owned corporations to acquire rural private lands not exceeding five hectares in area. The participation of foreign investors in the governing body of any public utility enterprise shall be limited to their proportionate share in its capital and all the executive and managing officers of such corporation or association must be citizens of the Philippines, unless otherwise provided by law.
“To accelerate economic growth and fulfill its international commitment, the Philippines must amend its Constitution by removing restrictive economic provisions to allow foreign businesses to directly invest in a more conducive landscape,” the report read.
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