Retired Supreme Court Senior Associate Justice Antonio Carpio has lambasted proponents of charter change (Cha-Cha) who are pushing to relax foreign ownership restrictions in the 1987 Constitution. According to Carpio, there seems to be a lack of understanding among national leaders on the laws governing foreign ownership in the Philippines.
Carpio noted that the Philippines has one of the most liberal foreign investment laws in Southeast Asia and has already allowed 100% foreign ownership in several sectors, including power generation. He pointed out that President Ferdinand Marcos Jr.’s administration has also recently allowed 100% ownership of power generation from solar and wind through a mere implementing guideline.
Carpio criticized the individuals behind the current people’s initiative, saying they are blaming the restrictive economic provisions of the Constitution for the country’s economic woes. He emphasized that the real causes of low foreign direct investments in the Philippines are the high cost of power, bureaucracy, and infrastructure.
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