Econ Cha-cha will lead to further PH socioeconomic decline

Opinion & Analysis Philippines Jan 26, 2018 at 4:14 pm

IBON.org

With the recent majority vote in favor of a constituent assembly (con-ass) by the House of Representatives (HOR), research group IBON warned that one of the primary reasons behind the push for Charter change (Cha-cha) is the lifting of foreign ownership caps​. This will lead to the further stunting of the Philippine economy​, said the group, as this will allow foreigners to further enroach on the country’s various industries.  Government will also give up its responsibility to provide the public accessible and affordable goods and services, leaving Filipinos at the mercy of corporations.

The HOR recently passed a resolution seeking to convene a con-ass that would propose amendments to the Constitution, while a Senate version is still being deliberated. Among the proposed amendments is the removal of ceilings on foreign ownership, particularly with regard to land, natural resources, public utilities, education, media and advertising. Cha-cha proponents claim that such restrictions curtail the entry of foreign investments into the country, thus limiting job creation and the Philippine economy’s development. They say that the Philippines should follow its Asian neighbors and do away with its protectionist measures.

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