JFC presses Noy on Charter change

The Joint Foreign Chambers (JFC) is pressing President Aquino to reconsider his views giving low priority on proposals to amend the Constitution by relaxing so-called anti-foreign capital provisions in the Constitution.

JFC officials met with House of Representatives leaders to express their appreciation to Congress for supposedly pushing the needed amendments in the economic provisions of the 1987 Constitution that would enhance economic growth in the Philippines.

Among the amendments being sought on provisions in the Constitution involves the limit or ban on foreign ownership in certain commercial activities and a prohibition on foreigners to acquire land.

European Chamber of Commerce of the Philippines (ECCP) president Hubert d’Aboville, president of the European Chamber, said that since the first meeting of the group with leaders of Congress nine months ago, “quite some progress have been made in advancing legislations” that would result to economic growth.

“We are grateful, Mr. Speaker, that you are pushing amendments to certain provisions of the Constitution,” d’Aboville told Speaker Feliciano Belmonte Jr. in his opening remarks.

He, however, said that while the Senate appears on the same course, “President Benigno Aquino III keeps on saying that this (amendments to economic provisions) is not on his priority list.”

Despite this, d’Aboville said it is encouraging to note that more and more business groups in the Philippines are supporting the opening up of the economy.

Among the priority measures identified in their first meeting include the approval on third and final reading by the Lower Chamber of the Data Privacy Act of 2011, Lemon Law, Customs Modernization and Tariffs Act, Rationalization of Fiscal Incentives and Amendments to the Intellectual Property Code.

D’Aboville reminded the lawmakers that there is a need to fast-track the approval of these legislations as these might have effect in the upcoming 2013 elections.

Belmonte, for his part, said the meeting provides “a remarkable opportunity for strengthening our bonds of cooperation and solidarity toward the attainment of our common aspirations for further growth.”

While the Philippines had thus far been spared by the weakening United States economy and the debt crisis in Europe, he said there is still a need to “accelerate social and economic reforms in the country, and pursue overall goals and targets with even greater vigor and determination.”

Belmonte cited that over the last decade, the Philippines has transformed itself into a country with sustained structural current account surpluses and rapid reserve accumulation.

He said the country’s gross international reserves expanded to a record $69 billion as end of June 2011 while its special deposit accounts with the Bangko Sentral ng Pilipinas (BSP) reached $1.5 trillion as of July of this year.

“This large stockpile of international reserves provides a healthy buffer against external shocks,” he noted.

The country’s global competitiveness also improved 10 notches — from No. 85 to No. 75 out of the the 142 economies, he claimed.

Belmonte, however, said that these positive developments should provide no room for complacency.

As such, he said that both Houses of Congress, during its first Legislative Summit, have firmed up a common list of priority measures in order to fast-track its passage which include amendments on the restrictive economic provisions of the Constitution. –Daily Tribune