Amid a renewed push to amend the 1987 Constitution, the House of Representatives said it would craft laws to make the country more investor-friendly that will lure foreign investments.

Speaker Martin Romualdez on Tuesday vowed to pour the Marcos administration all-out support in its effort to create a more investor-friendly ecosystem in the Philippines, not only for Japan but also for other foreign businesses, through necessary legislation.

He made the commitment amid concerns of foreign countries, including Japan, about investing in the Philippines for fear of failure owing to the Constitution's economic constraints.

"The inputs and suggestions we personally hear from potential investors during these trips would be invaluable in crafting laws meant to answer the issues they have raised to ensure that these investment pledges would come to fruition and create jobs for thousands of Filipinos," the House chief said.

P771B in capital pledged

Romualdez was part of President Ferdinand Marcos Jr.'s entourage for the 50th anniversary of the Association of Southeast Asian Nations-Japan relations, where a total of over P771 billion in investment pledges expected to create thousands of jobs for Filipinos were generated.

During his address at the signing of new agreements and updates on investment pledges, Marcos said his administration will work closely with Congress to enact much-needed laws to address foreign investors' concerns.

He vowed to listen to their suggestions on "what needs to be done to continue supporting and ensuring their success in the Philippines." 

Last week, House leaders announced their renewed attempt to tweak the 1987 Constitution, which is scheduled to roll next year.

The center of the move, Romualdez said, is to lift the "restrictive" economic restrictions on the entry of foreign capital and investments in the country under the current Charter.

Charter review looms

"I believe 2024 will allow us again to revisit the whole issue of the constitution because I think it's timely that we revisit and I say we'd like to focus very much on the economic provisions," he said.

Should it be pushed through, Cha-cha would be their "legacy in the 19th Congress," according to Romualdez.