Salceda Advocates for Charter Change to Boost Investor Confidence

QUEZON CITY – Albay 2nd District Representative Joey Salceda emphasized the importance of amending the economic provisions of the 1987 Constitution to enhance investor confidence in the Philippines. His statement on Saturday highlighted the crucial role of constitutional reforms in attracting foreign investments and spurring economic growth.

According to Philippines News Agency, during the Saturday News Forum in Quezon City, there’s a consensus with Socioeconomic Planning Secretary Arsenio Balisacan on the need to eliminate “unnecessary restrictions” in the Constitution that deter foreign investors. As the chairperson of the House Committee on Ways and Means, Salceda expressed that a swift process in Charter change, colloquially known as Cha-cha, would provide certainty for investors and positively impact the economy.

Salceda reassured that the proposed amendments would expand the economic provisions of the Constitution to make the Philippines more inviting to foreign investments. He confidently stated there is a “zero chance” of foreign investors ceasing operations in the country post-reforms, highlighting a commitment to easing investment processes and not imposing new regulatory restrictions on already open areas.

In addition to the economic benefits, Salceda assured that the reforms would not cause uncertainty among investors, as the changes aim to expand, rather than restrict, the rights and privileges of existing investors. This stance was supported by Balisacan, who, in a Palace press briefing on Friday, endorsed Cha-cha as a means to remove impediments to the country’s economic progress caused by constitutional restrictions on foreign investments.

The discussions on Cha-cha also touched on the potential for the Senate and the House of Representatives to align their positions on the matter. Salceda remained optimistic about the country’s economic prospects, projecting a 6.5 to 7.5 percent gross domestic product growth rate for the year, bolstered by strong agriculture, industry, and services sectors. He highlighted the competitive advantage of the Philippines in the Business Process Outsourcing (BPO) and call center industries, as well as the promising outlook for agriculture under the guidance of Secretary Francisco Tiu Laurel Jr.

Salceda concluded that growth driven by agriculture could significantly alleviate poverty, given the sector’s impact on food prices and its contribution to the consumption of the economy’s lowest 30 percent.