The National Economic and Development Authority (NEDA) expressed support to the moves to amend the economic provisions of the 1987 constitution.

According to NEDA, this is to make the country “more competitive” for investors. 

NEDA Secretary Arsenio Balisacan explained that “unnecessary restrictions” are needed so as to eliminate and entice more foreign investments and address issues on the ease of doing business in the Philippines. 

“We have seen by the last couple of decades now most of those big investments are going to our neighbors which you know we could have that opportunity to draw them to our shores but those restrictions are seen as impediments,” Balisacan said.

“We need to address the ease of business issues that are always mentioned, the high cost of certain inputs like energy and the predictability of our policies, regulatory or otherwise. So, there are things that we need to do at the same time so that we can get the full benefits of removing those economic restrictions in the Constitution,” he added.

Earlier President Ferdinand R. Marcos Jr. had expressed his openness to amend the constitution.

He had asked the Senate to review of the economic provisions. 

Pressed on to the mode of changing the constitution, Balisacan said he hoped that lawmakers would “agree very soon” on the amendment process.