Phl at the crossroads

As we all take a break this Holy Week, some of us will pause and ponder on our own individual journeys and think about what lies ahead.

Come Easter Sunday, we may have renewed vigor and energy to carry on, reflecting on our own crosses or where we have been or where we are heading. We may find ourselves at the crossroads; we may dream new dreams or set new goals, big or small.

The great Filipino dream is simple – to have one’s own home, send one’s children to school and hopefully bequeath to them a better life.

It’s about thriving and not just surviving the daily grind and this is possible in a society which provides its people gainful opportunities so they can achieve their dreams.

Toward this end, we need more jobs – and better jobs – for Filipinos.

In short, our own individual stories depend largely on our country’s journey.

As it is now, the Philippines stands at a pivotal crossroads. We are a country with so much potential and we have a chance to secure a prosperous future for the coming generations.

Move investments

In fact, many institutions such as the World Economic Forum (WEF) and foreign banks are optimistic about our future.

Our banking reporter Keisha Ta-asan reported on Wednesday HSBC Global Research’s outlook on the Philippines.

The Philippines would be able to attract more foreign direct investments (FDIs) in the coming years amid reforms that have improved the country’s business climate, HSBC Global Research said.

However, HSBC said that the country should first address structural and institutional challenges as these bottlenecks could prompt some investors to look elsewhere in the region.

True enough, despite our pool of talented people, many foreign investors have turned to our neighbors for their expansion because of the many challenges in the country.

Against this backdrop, we need reforms to pave the way for advanced critical infrastructure, more renewable energy projects, modern agriculture, etc.

WEF president Børge Brende, as I said in an earlier column, underscored the need for substantial investments for our country to achieve a major transformation. He said these investments would fuel stronger economic growth and make us a formidable player in the world economy.

Indeed, the Philippines must look beyond its borders for the capital necessary to elevate its economy to the standards of developed nations or even leapfrog into a stage of advanced economic prosperity.

To facilitate this transition, there’s a pressing need to foster local innovation and talent development. The success of various hackathons has demonstrated the capacity of Filipinos to excel when provided with appropriate opportunities and support.

Education

This also emphasizes the critical role of education, particularly high-quality education, as a foundational pillar for nurturing talent and driving technological advancement and innovation. The push by lawmakers to open our local education sector, along with public services, advertising and media, to foreign investors is a step in the right direction.

Notice that even our local educational institutions have been partnering with foreign schools to attract more students and develop them into better individuals. Notice, too, that many wealthy Filipinos send their children abroad to get better education. This says a lot about the quality of education in our country today.

In education and in other areas, our inward-looking and protectionist policies have made us less competitive in the region.

Hence, a more ambitious approach is needed. At the heart of this ambition lies the need to amend the 1987 Philippine Constitution.

Our Constitution was born in the aftermath of a pivotal moment in our history, to safeguard national interest and sovereignty in the wake of the dictatorship.

Unfortunately, what was appropriate then may no longer be enough today. Limitations on foreign ownership and participation in various sectors of the economy have become barriers to the influx of investments.

But the Constitution’s framers had the visionary foresight that allowed for amendments, recognizing that in the future – such as today – changes may be needed.

As I’ve said in previous columns, I am in favor of opening certain provisions of the economy if only to enable our citizens to have access to more gainful opportunities.

Constitutional reforms, however, require a delicate balancing act between opening the economy to foreign investors and ensuring that the nation’s interests and sovereignty are protected.

Thus, our policymakers must ensure that a more liberalized environment would not lead to abuse and bastardization of our resources.

As the world economy evolves at a dizzying pace and technological advancements such as AI move impossibly fast and with geopolitical powers undergoing major shifts, we cannot afford to be complacent. We must embrace change, seek out investments and foster innovation.

Amending the 1987 Constitution to remove certain barriers to foreign investments is a crucial step in this journey. Foreign investors, including multinationals, may bring in capital which our local conglomerates may not have the capacity or the willingness to do.

Graft and corruption

Aside from constitutional reforms, it’s also important that these efforts must be in parallel with moves to rid the bureaucracy of graft and corruption. Bureaucratic cobwebs are thick and filthy and have turned off investors.

In short, it cannot be business as usual.

We must take bold steps to move toward a prosperous future and establish the Philippines as a vibrant and competitive player on the global stage.

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Email: [email protected]. Follow her on X, formerly Twitter @eyesgonzales. Column archives at EyesWideOpen (Iris Gonzales) on Facebook.