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MANILA - The Constitution's restrictions on foreign ownership is preventing the Philippines from developing further, Foreign Affairs Secretary Albert del Rosario said on Friday.
"There may be a need to evaluate the existing economic parameters as the Philippines further redefines international economic policy," del Rosario said during a forum sponsored by the Angara Center for Law and Economics.
Emmanuel Esguerra, deputy director-general of the National Economic and Development Authority, said the country's economic managers will decide on the basis of evidence, and not opinion, whether or not to amend the economic provisions of the Constitution.
Esguerra said NEDA will study the economic implications during consultations with the private sector.
"At the moment, its too early to speculate. We have two weeks to tell the President whether to open or not," he said.
Former NEDA director-general Felipe Medalla said amending the Constitution's economic provisions will send a signal to the world that the Philippines has "finally woken up."
He said the foreign ownership restrictions are "holding us back."
Medalla, who was also a member of the Monetary Board, cited monopolies in the shipping, power, and broadcasting industries, among others.
The Makati Business Club earlier expressed support for amending the Constitution's economic provisions, but urged the government to first push the passage of pending priority legislation.
"MBC believes that the right time for amendments of the Constitution’s economic provisions would be right after the 2013 elections," the big business lobby said in a statement.
The group agrees that amending the Constitution’s economic provisions is critical to sustaining investment inflows and job generation.
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