Recto backs amending economic provisions in Constitution

Finance Secretary Ralph Recto said he is supporting initiatives to amend economic provisions in the 1987 Constitution in a bid to open up the economy to foreign investors.

“There are segments in society who think that you need to further liberalize the economy. That’s why they’re pushing for amendments in the economic provisions of our Constitution,” Recto said at a press briefing in Manila on Wednesday.

“I support that initiative personally. I’ve not gotten instruction from the President but I think, the President, to attract more investments will be amenable to amend the charter to liberalize further the economy,” said the newly appointed DOF head.

In December, President Ferdinand Marcos Jr. said that amending the Constitution should focus on how to attract more investors to the country amid recent calls by the House of Representative regarding Charter change (Cha-cha).

House Speaker Martin Romualdez, a cousin of the president, said that the lower chamber of Congress in 2024 would focus its attention on proposals regarding restrictions in the entry of foreign capital and investments including Cha-cha.

“Frankly speaking that is a prerogative of Congress. If you look at the Constitution walang papel ang executive diyan (The executive branch should have no role in that),” Recto pointed out.—RF, GMA Integrated News