Under the existing Constitution, foreigners are restricted to own 40 percent of public utilities, media entities, land, exploration of natural resources, 30 percent for advertising firms, and other business ventures since Filipinos should own the majority percentage.
"It has been true for years that business groups would like to have more investments because more investments mean more competition, leveled playing filed and job creation. With more competition, we'll have newer, better technology and lower prices for all of us," Forbes said in a chance interview.
Forbes noted that the foreign chambers of commerce are supportive of House Resolution No.1 authored by Speaker
"The countries represented in the foreign chambers [who were in the meeting] are very open in that way [in terms of foreign ownership of businesses]. That's the way it is in
"The economic restriction is a factor to unemployment rate, but there are other factors--such as large population growth, old infrastructure, high power costs, high business costs . . . but we're are getting there. We are doing better," Forbes added.
Speaker Belmonte has long been in favor of relaxing the economic provisions of the 1987 Constitution, but President
Aquino chairs the ruling
Forbes, however, is not convinced that President Aquino is totally against Charter Change.
"I don't see his statements expressing opposition. What he is saying is that not at this time and not to tinker with political provisions," Forbes said.
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