President Ferdinand Marcos Jr. called for a "healthy and democratic debate" on amending specific economic provisions within the Philippine Constitution.
In his speech during the Constitution Day on Thursday, Marcos emphasized the need for reforms to attract foreign investments and boost the country's economic potential.
"Many sectors, particularly business, have identified restrictive provisions in the Constitution that limit our growth," Marcos Jr. said.
He pointed to existing laws, stemming from these provisions, that hinder certain foreign investments.
The President highlighted that past Congresses have already seen numerous proposals for amending these economic clauses, emphasizing the significance of the discussion.
He pledged to facilitate a constructive dialogue while respecting the role of Congress and the Filipino people's ultimate decision.
"Our bicameral system and checks and balances are paramount," he declared. "We must trust our democratic institutions and allow them to function as intended by the Constitution."
He clarified that his administration's focus for potential reforms remains solely on economic matters, designed to enhance the country's competitiveness and attract significant foreign investments.
Marcos Jr. publicly embraced the concept of an economic charter change earlier this year.
“The 1987 Constitution was not written for a globalized world,” he said in a television interview last 23 January.
“We have to adjust so that we can increase the economic activity in the Philippines, we can attract more foreign investors,” he added.