Philippine House to Focus Solely on Economic Amendments in Constitutional Reform

MANILA – The House of Representatives of the Philippines has pledged allegiance to President Ferdinand R. Marcos Jr.’s directive to exclusively target economic provisions in the forthcoming constitutional amendments. This commitment was articulated in a press conference on Monday, where House Ways and Means Committee Chair Joey Salceda affirmed the legislative body’s intention to align closely with the President’s priorities.

According to Philippines News Agency, President Marcos has emphasized the urgency and national importance of introducing economic amendments to the Constitution. Salceda underscored the administration’s clear stance, stating, “The House will follow the President, period.” He elaborated on the anticipated approach to amending the Constitution, aiming to foster a “more constructive process” despite potential challenges and delays. Salceda highlighted the global competitive pressures intensified by increased U.S. interest rates as a compelling reason for urgent economic Charter changes.

House Appropriations Panel Senior Vice Chairperson Stella Quimbo echoed the sentiment, stressing the necessity for collaborative and substantive discussions with Senate counterparts. Quimbo pointed out the Philippines’ robust economic performance in the final quarter of 2023 but expressed concerns over the relatively slow growth in foreign direct investments (FDI). She noted the country’s FDI inflows at USD83.5 billion, trailing behind ASEAN neighbors Indonesia and Vietnam, which garnered USD220 billion and USD137 billion, respectively. Quimbo argued that constitutional economic amendments are crucial for enhancing FDI growth, which would subsequently lead to job creation, higher wages, and increased productivity.

Senior Deputy Speaker Aurelio ‘Dong’ Gonzales Jr. expressed optimism for democratic deliberations over the economic provisions of the Constitution between the House and the Senate. In a speech marking ‘Constitution Day 2024’ in Makati City on February 8, President Marcos reiterated his administration’s focus on economic reforms within the Constitution, aimed at bolstering the nation’s economy. He clarified the administration’s goal of attracting more foreign investments to achieve upper-middle-class income status by 2025, despite a near 16 percent reduction in net FDI inflows. The Philippine economy, according to Marcos, continues to exhibit growth, with projections ranging between 6 and a half to 7 and a half percent for this year.