An economist on Friday said that restrictions on foreign direct investments in the 1987 Constitution hamper the economy, noting that the Philippines is the only country with a provision on foreign restrictions.

“These restrictions have led the Philippines to be a ‘laggard’ or the ‘sick man of Asia’ in terms of foreign direct investments,” Dr. Calixto Chikiamco, president of the Foundation for Economic Freedom, said during a weekly forum at Club Filipino.

Chikiamco said only the oligarchs are benefitting from these restrictions.

He said, “It is necessary to remove these restrictions or at least allow Congress to remove them.”

“At present, there are cases in the Supreme Court questioning the constitutionality of the Public Service Act,” he added.

Chikiamco pointed out that countries such as Vietnam and Thailand seem to have left the Philippines behind.

He said that Marcos’ back in power is the very antithesis of the 1987 Constitution.

“Changing the Constitution is a political question,” he said.