00:00 In the continued discussion of the Senate on the amendment of the Constitution,
00:04 a former Associate Justice said that it seems that some leaders of the country do not understand the laws,
00:09 especially foreign ownership.
00:11 There is no need for a charter change for Rihanna.
00:14 Ian Cruz is on the spot.
00:16 Opening the economy to foreigners is often the opinion of those who support the amendment of the Constitution.
00:26 But when it comes to the Senate hearing of former Supreme Court Associate Justice Antonio Carpio,
00:30 even if the amendment of the Constitution is not already in place,
00:33 there are already laws passed to open the economy to 100% foreign ownership.
00:38 There appears to be a lack of understanding by our national leaders of the extent of foreign ownership
00:44 under the law of businesses in our country.
00:47 Among the laws he mentioned are the Retail Trade Liberalization Act
00:51 and the Public Services Act that is being questioned by the Supreme Court if it is in accordance with the Constitution.
00:57 According to one of the members of the Public Services Act,
01:00 this is enough to allow foreign investment.
01:03 We are open to foreign investors.
01:07 We have made great strides in the past years liberalizing our economy
01:12 without compromising our national security or leaving behind Filipino businesses.
01:18 Despite Carpio's statement, the law does not stop foreign investments from entering the country.
01:23 Instead, the cost of electricity is twice as high as in Asia, followed by Japan.
01:28 The regulations are also difficult, like the high number of permits for the construction of factories
01:34 and the poor transportation and infrastructure, such as roads and roads.
01:39 But despite the Department of Trade and Industry, the regulations on the construction of factories are still strict.
01:44 There is a negative correlation between FDI performance and these regulatory restrictions.
01:52 And of course, the more open you are, the higher the FDI inflows.
01:59 Although there are countries that support the removal of economic restrictions from the Constitution,
02:03 the removal of economic restrictions would facilitate increased foreign direct investment
02:09 in sectors where such investment is currently restricted.
02:13 There are also other countries that are concerned about the consequences of the heated debate.
02:18 We got some calls from some of our members following the news and the political debate
02:24 about how this might unfold. There is some uncertainty out there.
02:30 One of the framers of the 1987 Constitution, Dr. Bernardo Villegas, said that
02:36 "We should put poverty first."
02:39 We do not need to amend the Constitution. We should have a single-minded focus on the scandal
02:46 that we have 21 percent of our population living in demonizing poverty.
02:51 All of our neighbors in Southeast Asia have single-digit poverty incidents.
02:55 The hearings will continue.
02:58 Public hearings in Cagayan de Oro in Mindanao and Cebu in Visayas are also possible.
03:03 For GMI Integrated News, Ian Cruz, Nakatutok, 24 Horas.
03:07 [Music]
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