Correct Movement Co-founder and OFW Advocate Mr. Orion Dumdum said that the existing laws are not enough to promote foreign investment in the country
It is said that the economic provision in the 1987 constitution gives mixed signals, giving limits to businessmen who want to invest, but also outright repelling laws to those who want to invest.
In recent years, several laws have been passed that open up the Philippine economy for businessmen from other countries.
These includes the Public Service Act, Foreign Investment Act, Retail Trade Liberalization Act, Renewable Energy Development, and Regional Comprehensive Economic Partnership.
But since the constitution states that only 40% can be owned by non-Filipinos, they are limited to invest.
It is said that through the amendment of the constitution and the entry of foreign investors, the number of unemployed Filipinos and Filipinos leaving the country will also decrease.
The Correct Movement also called on the senators and the president not to hinder the people’s initiative and not to block the plan to amend the constitution.