Jaworski said his proposal is aimed at attracting foreign investments to the Philippines by lifting the constitutional prohibition and allowing foreigners to own up to 100 percent of business ventures in the country.
"I don’t think we would unnecessarily lose our patrimony if we begin to allow 100-percent foreign owned companies to operate in the country," Jaworski said.
"This would not only lure investors to come in, but wholly-owned businesses abroad instead of recruiting foreign workers like Filipinos in their countries, would instead generate employment in our own soil. This way we also save our country from losing professional and skilled workers abroad," he added.
Jaworski said he was aware that his proposal would require an amendment to the 1987 Philippine Constitution which restricts foreign ownership to only 40 percent of a business enterprise.
"But some investors manage to circumvent this rule," Jaworski noted. We end up having dummies as fronts for them anyway."
In making his proposal, Jaworski said Congress could always legislate safeguards to prevent "potential abuse" by allowing foreigners to own a business 100 percent.
Meanwhile, Jaworski said he was asking the executive department to temporarily exempt imported equipment, machinery and other capital outlay from tariffs. "This way, our local industries can improve the quality and competitiveness of their goods and services and eventually look for bigger and better markets abroad."
"One way to protect the government from being shortchanged to such a tax-free arrangement with investors is to prohibit the resale or exportation of such hi-tech equipment," Jaworski said.
He also said Malacañang should address the problem of increasing cost of electricity, which he said, is also a major concern of foreign investors.
The recent coup rumors are also adversely affecting the government’s program to attract foreign investors in the country, Jaworski said.
Trade and Industry Secretary Manuel Roxas II has admitted that these reports have scared away investors and put on hold their business expansion plans, the senator noted.