National Economic and Development Authority Secretary Arsenio Balisacan is pushing for Charter change to remove unnecessary restrictions on foreign investments in the Philippines to make the country more competitive.

In a Palace Briefing on Friday, Balisacan emphasized the need to remove "unnecessary restrictions" on foreign investments, citing the country's lagging performance compared to its neighbors.

He pointed out that many big investments are going to other Southeast Asian countries due to these restrictive constitutional provisions.

"We need to make the country more competitive, we need to eliminate those unnecessary restrictions," Balisacan said.

He also emphasized that amending the Constitution is not the only solution to boosting the economy.

Balisacan pointed out other factors that need to be addressed, such as improving the ease of doing business, reducing the cost of inputs like energy and ensuring policy predictability.

"There are things that we need to do at the same time so that we can get the full benefits of removing those economic restrictions in the Constitution," Balisacan added.

When asked about the lack of consensus among lawmakers on the mode of Charter Change, Balisacan expressed hope for a swift resolution to avoid uncertainty, which can negatively impact investments.

"Well, I hope that they can agree very soon because we don’t also want that uncertainty because one of the factors that inhibit investments whether it’s domestic or foreign is a state of uncertainty. So, we hope that our leaders will come to a common position quickly so that we can move on."

The Socioeconomic Planner head lamented that most of “big” investments have gone to other Asian neighbors due, he said, to the Constitution’s limitations on foreign investments.

Balisacan identified education as a sector ripe for foreign ownership, citing the missed opportunity of attracting branch campuses from prestigious universities worldwide.

He also highlighted the need to ease restrictions on foreign professionals practicing in the Philippines, particularly engineers and professors.

However, Balisacan expressed reservations about opening up land ownership to foreigners, fearing it would drive up prices and make it difficult for ordinary Filipinos to acquire property.