Senator Nancy Binay on Saturday warned that the ongoing political bickering in Congress could impact in the country’s efforts to encourage investors to set up business in the Philippines. 

Binay is pertaining to the Senators and the members of the House of Representatives arguing over the push for constitutional amendments via People’s Initiative for Charter change. 

The senator underscored that her colleagues in the Senate support the country’s economic development and progress by pushing for the passage of the Public Services Act, the Foreign Investment Act, and the Retail Trade Liberation Act. 

“Just to be clear, ang Senado po ay pro-development and pro-progress—kaya nga nagpasa po kami ng vital economic reforms tulad ng PSA, FIA, and the Retail Trade Liberation Act (the Senate is pro-development and pro-progress —that why we passed the PSA, FIA and the Retail Trade Liberation Act),” she said. 

Binay labeled the People’s Initiative ‘fake’ noting that the Senate won’t advocate activities that would compromise the checks and balances in the bicameral system of the legislative department. 

“Alam naman po ng lahat kung saan ito nagsimula, binuo at inilatag (Everyone knows where this started, how it was organized and presented to the public),” she said. 

Binay said those who are behind the P.I. drive “should know” that undermining the system and pushing a hidden agenda would have a direct impact on the Philippine economy

“Investors value stability, and we are dedicated to addressing this matter with the seriousness it deserves. Rest assured, the Senate's commitment to economic growth and foreign investment remains unwavering,” Binay stressed. 

“Hindi po natin hahayaang manaig ang interes ng iilan, kasi palaging talo ang taumbayan (We will not let the interests of a few prevail, because the people always lose),” she added. 

In a news forum on Saturday, Albay 2nd District Rep. Joey Salceda stressed that introducing amendments to the economic provisions of the 1987 Constitution will boost investors’ confidence in the country. 

“The faster Cha-cha is better for investors’ certainty…The faster the legislators can complete the process of Charter Change, the better it will be for the economy,” said Salceda, who chairs the House Committee on Ways and Means.

He said the economic provisions of the constitution will be expanded to attract more foreign investments under House proposals. 

He added there will be “zero chance” that foreign investors will cease their operations in the country, once the constitutional reforms have been made.

“One, we commit to expanding, not restricting the scope of the economy open to foreign investment. Two, we commit to making investing in the Philippines easier and not harder, so we will impose no new regulatory restriction in areas that are already open,” Salceda explained. 

The Charter change has been subjected to divisive talks amid the allegations of bribery in gathering P.I. signatures. 

Senate President Juan Miguel Zubiri previously said should the PI prosper, further changes to the Constitution can be done with or without the Senate’s approval, or worse, even absent all the senators. 

“Should Congress vote jointly in a constituent assembly, the Senate and its 24 members cannot cast any meaningful vote against the 316 members of the House of Representatives,” he added.