Cagayan de Oro Representative Rufus Rodriguez said Wednesday that foreign ownership of industries can go as high as 100% should the economic provisions of the 1987 Constitution be amended.
The lawmaker said this in an interview on Super Radyo dzBB when asked what will be the highest rate of ownership that could be provided to foreign businessmen if there will be a change in the Charter.
“Ang businessman would normally want to own the land that they put the factory for the purposes of security. They could also make use of that to be able to borrow from banks,” he added. On the other hand, Senator Robin Padilla, Senate committee on constitutional amendments chairman, said that the pledges secured by Marcos during his foreign tripsRodriguez backed this, saying that the Philippines has the “third most restrictive Constitution in the world.” He cited the 60-40 rule on foreign ownership of businesses.
“We feel we need a constitutional change so that we can by law, be able to decide which areas should be 100% or 50%,” he added.
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