The National Economic and Development Authority (NEDA) said it recognizes the importance of updating and revising certain economic restrictions in the Constitution.
In a statement over the weekend, NEDA Secretary Arsenio Balisacan reiterated his full support for the Charter amendments on the restrictive economic provisions and encouraged lawmakers to continue their work towards realizing these changes.
“My stance has consistently been one of strong support for the proposed amendments to the restrictive economic provisions of our Constitution. I believe that these changes are crucial for the economic advancement and competitiveness of the Philippines. Amendments removing the restrictive economic provisions will provide a more fertile ground for both local and foreign investments, thereby fostering greater economic growth and development,” Balisacan said.
“It is necessary to address and remove these restrictions, but it is also important to note that apart from eliminating those barriers, it is imperative to address the ease of doing business, high cost of certain inputs like energy and the predictability of our policies, regulatory or otherwise. There are several policy reforms needed to get the full benefits of removing the economic restrictions in the constitution,” he added.
Balisacan, however, said it is crucial to highlight that while supportive of these amendments, he also advocates for a balanced approach.
“This includes maintaining certain protections, such as the stance against full foreign ownership of land,” he said.
“I commend the ongoing efforts of both the Senate and the House of Representatives in addressing these constitutional amendments. I believe that these discussions are being conducted with the nation’s best interests in mind and with a shared goal of economic progress and stability,” the NEDA chief said.
During the 2024 Annual Reception for the Banking Community held in Manila last Friday, Balisacan said the country missed a lot of investment opportunities because of the restrictive environment.
“In education, there are a lot of universities abroad putting up branches in Southeast Asia. Where did they go? We could have been the best candidate, but we talked to many of those, and they said, ‘you are very restrictive. You don’t even allow teachers to come teach in universities.’ That’s our problem. It’s not too late, but we have to move fast,” Balisacan said.
Meanwhile, in the same event, Balisacan was asked about the economy’s fourth quarter performance, with the figures set to be released by the government next week.
“I haven’t seen the numbers, but I hope it will be good, because the leading indicators are good,” Balisacan said.
“Hopefully (better than the third quarter), because our target (for the full year is) lower end of the range of six to seven percent. I’ll be happy if we get close to it, even if it’s lower,” he added.
The NEDA chief is confident that the momentum in the economy will continue, with respect to growth, employment generation and continued reduction in inflation.
Meanwhile, Balisacan noted many projects that are candidates for public-private partnership (PPP).
“We would want to see this new Bataan-Cavite (Interlink) Bridge (Project), we want to have that also eventually a PPP. So we build it but we turn it into… if it’s profitable it may be attractive for the private sector,” the NEDA chief said.
