Poe in favor of economic Cha-cha

MANILA, Philippines -  Presidential aspirant Sen. Grace Poe said she is open to amending the Constitution to improve  the investment climate in the country.

“I am open to economic charter change. I am open to changes in the (Constitution’s) economic provisions—specific changes that do not cross over to certain democratic political safeguards that we already have in our Constitution,” Poe said in an address before the Philippine Alumni Association of US Educational Institutions.

Poe said some flexibility in the country’s economic policies will hasten growth and build a conducive environment for businesses, which would create more opportunities for the country’s workers and entrepreneurs.  

The senator said she will study the need to amend constitutional provisions concerning foreign ownership in certain industries to entice more businessmen to invest in the country. 

Under the Constitution, foreign investors are banned from owning more than 40 percent of real estate properties and businesses. 

“We must allow ownership in certain industries, and I think we need to open up our industries to more investors. More than just charter change, I think we also have to consider how competitive our country can be just by lowering, for example, corporate income taxes,” she said.

Poe said the Philippines is taxing corporations at 30 percent while other countries in the region, such as Indonesia and Singapore, impose much lower taxes. 

“To be competitive, it must be enticing for these companies to invest in our country, and that’s one area that we really need to look at,” she said.