SENATE President Aquilino Pimentel III said Tuesaday the proposed charter amendments to the 1987 Constitution would not only focus on the country’s shift to federalism but also how the country’s economic policies would be upgraded.
“We must make sure the economy works for all Filipinos and not just a few families,” said Pimentel.
Pimentel, President of the ruling Partido Demokratiko Pilipino–Lakas ng Bayan, said he was carefully studying the proposal to change the 60-40 rule in the 1987 Constitution which limits foreign investment in the country.
He said allowing new players in the local market not only strengthened the competition but also eliminated monopoly and protectionism.
He said more competitors meant cheaper and better products in the market.
During the Asia-Pacific Economic Cooperation summit in Peru, President Duterte and 20 other heads of state or government issued a joint statement committing to fight “all forms of protectionism.”
The PDP Laban, led by President Rodrigo Duterte as Chair and Pimentel as President, has a Federalism Institute, which studies proposed amendments to the Constitution.
Pimentel supports the proposal of President Duterte to liberalize the country’s economy to attract more investments and to strengthen the competition in the local market.
Pimentel made the statement following the President’s pronouncement last week he was taking steps to open up the Philippine economy to new players and foreign investors – particularly in the power, energy and telecoms sectors – to limit corruption and protectionism.