Economic Liberalization

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Dismantle Protectionism. Attract investors. Create more jobs. 

The current 1987 Constitution unfortunately sets so many restrictions on economic activities, setting up protectionist provisions that limit businesses in the Philippines to a minimum of at least 60% ownership by local Filipinos, and a maximum of 40% by foreign investors. For advertising companies, it limits ownership to a minimum of 70% by local Filipinos and at most 30% by foreigners. Media companies must be owned 100% by local Filipinos.

As such, unlike in other countries that do not have such restrictions on foreign investment thus making those countries viable and attractive destinations for Foreign Direct Investment, the Philippines has great difficulty in bringing in foreign investors who often are capable of creating lots of jobs and are often able to provide high quality skills training and provide Filipinos with exposure to higher standards of operation and business systems.

Job creation is thus much faster and on a larger scale in countries that allow easy-entry of Foreign Direct Investment. Since there are not that many local Filipino entrepreneurs creating many jobs coupled with the dearth of foreign investments due to the protectionist economic provisions in the Constitution, unemployment is extremely high in the Philippines, forcing Filipinos to leave their families, loved ones, and children behind while seeking basic employment in other countries.

By removing all economic restrictions and protectionist provisions in the 1987 Constitution, it will become much easier for the Philippines to be able to more readily attract foreign investors and multinational companies to invest in the Philippines and help create jobs for locally-based Filipinos. As a result, Filipinos will have less need to pack their bags and leave their families to work as overseas workers in faraway lands.

Read this article to learn more about it.

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