Cha-cha is not a magic pill for the economy says Binay

Senator Nancy Binay brushed off the idea that the charter change would address the impact of inflation in the country. 

In a radio interview on Sunday, Binay stressed that the push to amend economic provisions of the 1987 Constitution has no extraordinary power to resolve problems concerning the economy. 

“Hindi ito magic solution na kapag napasa, mawawala na lahat ng problema natin o okay na ang ekonomiya ng ating bansa. And I think baka kailangan namin din, isa yan sa kailangang ibahagi din sa mga kababayan na kumbaga hindi lang ito ang solusyon (This is not a magic solution that once passed, all our problems will disappear or our country's economy will be okay. And I think maybe we need to—that's one of the things our countrymen need to know, this is not the only solution),” Binay said. 

She said she is still not convinced if the Charter change would lower the prices of basic commodities.

Citing several surveys, Binay stressed that people are more concerned about dealing with the price hike of basic goods. 

“That is why it is important to manage the expectation of the people as discussions are underway to change the Charter,” she pointed out. 

Binay lamented people should not be given false hopes that the Charter change would solve problems with the economy.  

“Kumbaga kapag binoto nila ito sa plebisito, after one month okay na, bababa na ang presyo ng bigas, or bababa na ang presyo ng krudo, or maaayos na ang problema natin sa kuryente. Pero hindi ganun ang mangyayari (It’s like when they vote to plebiscite, after one month evything will be fine and all the prices of rice and gasoline will go down or the problem with energy would immediately be addressed. It’s not like that),” she pressed on. 

Binay said the public should be aware that revises in the Constitution’s economic provisions “is not the sole solution” to the challenges being confronted by the country.

The Senate’s subcommittee has started the deliberations of the Resolution of Both Houses No. 6, which seeks to amend three constitutional economic provisions related to public service, education, and advertising.

During the hearing, Binay cited the need to consider other important factors to economic woes and find comprehensive solutions to address the issues. 

Binay urged her colleagues “to carefully listen to all perspectives before making any decisions” regarding the proposals on constitutional amendments.

“Insights from experts showed that solving the problems of Filipinos involves tackling many factors and taking different actions,” she said, citing the country’s recurring energy problems due to inconsistent policies. 

Binay blamed the government’s lack of consistency whenever there’s a change in administration. 

“It’s like changing the rules in the middle of a game for business owners,” she said. 

Binay said there should be laws providing “stability and predictability” within the energy sector as well as ensuring a conducive environment for businesses to thrive in the country.