InterAksyon.com means BUSINESS
MANILA – President Benigno Aquino III’s economic team is pushing back the deadline for a review of the Constitution’s economic provisions amid conflicting views on the matter, according to Finance Secretary Cesar V. Purisima.
"We are still in the consulting stage. There are different issues among us. In fact, even the private business groups have contending views as well," Purisima said.
"There are business groups, which we are in consultation with. They are saying that it's not the time [to amend the economic provisions] and some are saying this is the time. When you have these different views we need more time but we will report once we have completed the study," he said.
The President had ordered a review of Article 12 on national patrimony and economy.
Purisima said the President was concerned not only with the 40 percent foreign ownership limit on key industries, but more importantly with providing flexibility in terms of attracting and accommodating foreign investments.
"There was no limitation in the instructions [of the President]. We ought to study all the economic provisions embodied in the Constitution," Purisima said.
The finance chief earlier said the President gave economic managers until mid-August to complete their review of the economic provisions of the Constitution with a view to identifying possible amendments.
Both Senate President Juan Ponce Enrile and House Speaker Feliciano Belmonte Jr. were pushing for changes in the economic provisions of the Constitution.
InterAksyon.com means BUSINESS
'The Philippines has arrived', executive says as Rolls Royce appoints distributor in Manila
Who has accounts in offshore tax havens? Investigative journos post database online
