President Ferdinand Marcos Jr. said the 1987 Constitution requires some amendments to adapt to the demands of a globalized world and boost economic activity in the Philippines.
In a television interview Tuesday evening, Marcos said that the economic provisions of the 1987 Constitution should be revised because it was "not crafted for a globalized world."
Marcos also mentioned that the least controversial approach to amending the Constitution would involve focusing on its economic provisions first, with political amendments coming in at a later time.
"The 1987 Constitution was not written for a globalized world. That is where we are now. So we have to adjust so that we can increase the economic activity in the Philippines. We can attract more foreign investors," Marcos said.
While emphasizing the potential economic benefits of foreign investments, the President acknowledged the current constraints outlined in the Constitution.
The 1987 Constituion restricts foreign ownership by 40 percent in public utilities such as electricity, water, and public utility vehicles. Furthermore, a complete ban on foreign ownership of certain properties, notably land, poses challenges.
Marcos expressed his opposition to permitting foreign ownership of land within the country, along with corporations engaged in industries that are sensitive to influence from foreign entities or other nations.
He elaborated on potential scenarios where wealthy foreigners entering an area could drive up land values, making it difficult for long-term residents to afford real estate taxes.
"The old residents cannot pay for the real estate tax because it has been priced out of their market, so they have to be evicted. I don't think I will agree with that," Marcos said.
"As for corporations, maybe we can discuss it, except for critical areas such as power generation, media, and all the strategic sectors that we cannot allow to be influenced by a foreign entity, be it a corporation or another country. That's what we have to decide—where we draw the line and how much," he added.
Marcos earlier mentioned that the Commission on Elections should do its job concerning the people's initiative, aligning with the push for amendments to the 1987 Constitution.
The President said he already had conversations with relevant officials to address concerns and speculations about individuals being remunerated for signing forms related to the people's initiative.