National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan on Monday called for amendments to the 1987 Philippine Constitution since several economic provisions have hindered the country's ability to attract investments.

In his opening statement for the House Committee Hearing on Constitutional Amendments, Balisacan pointed out the need to dismantle constraints on key sectors of the economy that are holding back the country from developing.

"For decades, our restrictive economic provisions have hindered our ability to attract (Foreign Direct Investments) compared to our ASEAN neighbors," said Balisacan. He stated that this has resulted in missed opportunities and limited economic growth.

"Compared to our dynamic neighbors, historical data show that the Philippines has obtained a smaller share of FDI inflows that could have generated more economic and social opportunities crucial for inclusive growth and development," Balisacan added.

He mentioned that allowing foreign investment in public utilities could improve the quality and affordability of services such as energy and water distribution while also filling financing gaps in infrastructure.

Balisacan further elaborated on the necessity of updating the Constitution to meet present challenges and prepare for future uncertainties. President Ferdinand Marcos Jr., Balisacan said, has issued a directive to revise the Constitution to enable the country to lift restrictions on critical sectors such as public utilities, education, mass media, and advertising.

In terms of education, he stated that this step would grant Filipinos entry to worldwide knowledge, skills, and technology, encouraging innovation and positioning the Philippines as a competitive hub for exchanging knowledge in the region.

While acknowledging that amending the Constitution is not a silver bullet solution, Balisacan emphasized its potential to unlock the country's economic potential.

Balisacan also stressed the importance of addressing other issues like energy costs, infrastructure, bureaucracy, inconsistent regulations, and learning poverty for long-term success.

"Conversely, a policy environment promoting openness to foreign investment can exert more significant pressure on the government to urgently address the complex challenges I have mentioned," Balisacan said.

Balisacan urged legislators to carefully consider the proposed amendments, ensuring they "serve as the foundation for a more prosperous, resilient, and inclusive future for all Filipinos."