Retired Supreme Court Associate Justice Antonio Carpio has stressed the need to amend certain provisions of the Philippine Constitution to align with existing laws that promote foreign ownership of businesses in the country. According to him, several measures have been passed to liberalize foreign investment in key sectors such as transportation and communication. Carpio’s position highlights the paradoxical relationship between constitutional restrictions and legislative efforts to attract foreign capital.
In an effort to clarify the confusion, Carpio emphasized that the Philippines has one of the most liberal foreign investment laws in Asia, allowing for significant foreign participation in various industries. He noted that amending specific provisions of the Constitution would facilitate greater foreign involvement, ultimately contributing to economic growth and development. Critics argue that such amendments could compromise national sovereignty, while proponents see them as essential for maintaining competitiveness in a rapidly globalizing economy.