A HOUSE leader on Sunday said he wants the government’s budget and economic planners to perform a “cost-benefit analysis” of amending the 1987 Constitution for the purpose of relaxing foreign investment restrictions.

“If we really want to tweak the economic provisions of the Constitution to draw in more foreign investors, then we would need a baseline comparison of cost and benefit,”

House Minority Leader Marcelino “Nonoy” Libanan said.

“This is the most sensible approach – for us to ascertain whether the benefits outweigh the costs,” Libanan said.

Libanan called on the National Economic and Development Authority (NEDA) to submit to Congress a detailed report on the projected benefits in terms of foreign direct investments that would come in per industry, the number of new jobs that would be created, and the incremental tax revenues that would be generated.

On the cost side, Libanan urged the Department of Budget and Management to come up with reliable estimates.

Last week, the House committee on constitutional amendments approved a resolution calling for the formation of a constitutional convention to amend the 36-year-old charter.

At present, the Constitution prohibits or restricts foreign ownership in various industries.

Foreigners, for instance, are barred from owning any equity in mass media, which is totally reserved only for Filipinos or entities that are 100 percent owned by Filipinos.

Foreigners are also prevented from participating in the exploitation of the country’s marine resources in archipelagic waters, territorial sea, and exclusive economic zone.

They are likewise excluded from the small-scale utilization of natural resources in rivers, lakes, bays, and lagoons.

The Constitution also caps foreign equity in several industries.

For instance, they are allowed only up to 40 percent equity in the operation of public utilities, educational institutions, private radio communications networks, and land ownership.

In advertising, they are allowed only up to 30 percent equity.