I have always advocated for Charter change primarily for economic reasons. Our present Constitution is one that is generally “political” in substance in reaction to and in thwarting the occurrence of Martial Law. While we laud the solidity of its provisions in restoring back and preserving our democratic institution, it is feeble with prescripts to spur more investment and capital.
The manner by which the Constitution is to be amended -- a People’s Initiative, a Constituent assembly (conass) or constitutional convention -- is non-issue to me. What matters really is to make sure that we nail down those parts that need fixing such as capital limitation and land ownership. Unfortunately, what keeps us from pursuing that needed change is we always bring the issue of term extension to the fore. To make matters worse, our legislators are more interested to have this part (term limit) amended more than anything else.
There are two defects that have already been identified long ago. First, the 40 percent cap on foreign ownership [of] a corporation, and secondly, the prohibition of foreigners to own land. These constitutional limitations, have been pointed out to be xenophobic and outdatedly protectionists in this time of global trade and economic integration.
It is not unusual to hear stories of foreigners being duped to doing business in the Philippines only to be held up by their “dummy” partners who have not put a single cent to build the business to begin with. It is not uncommon to hear stories of foreigners who were swindled to buy properties under their girlfriend’s name with the hope of retiring happily ever after with the woman of their dreams only to find out that she was running away with a younger man who was all along the man he sensually desired.
The present Constitution has been used by some malcontent and deceiving locals to exploit foreigners whose only wish is to find their love and fortune in this part of their world.
We are one of the few liberalized economies in which ownership of land and corporation are not liberalized. But should we allow 100 percent ownership to vital industries? What are these vital industries? Why shouldn’t we allow them to be owned by foreigners?
If we allow foreigners to own land, should they be allowed to own as many or as big as they please?
I would like to discuss these issues in my next column.
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I would like to take this opportunity to greet and congratulate Leuterio Realty and Brokerage’s Victorious Secret team for celebrating their first General Assembly and Recognition Day today at the Diamond Suites headed by its team leader, Ms. Marely Malazarte. Special mention to AppleOne Properties and Contempo Properties, Sunberry Homes, Inc for sponsoring said event.