Economic cha-cha

March 1, 2024 People's Tonight 77 views

AMENDING the restrictive economic provisions of the 1987 Constitution plays a crucial role in addressing the country’s unemployment problem.

Aware of this, the two-chamber Congress is now discussing the proposed amendments seeking to open up the economy to more foreign investments.

One of the key proposed economic reforms aims to reassess the current 60-40 equity rule on foreign ownership.

The 60-40 equity rule has long been identified as a significant barrier to substantial increases in foreign direct investments in the country.

House Deputy Majority Leader Janette Guarin said opening up the economy to more foreign investments will gradually reduce our dependence on overseas employment.

At present, the government continues to fine-tune the overseas employment program because Filipinos still prefer to work abroad due to lack of good-paying jobs in the country.

Besides, the billions of dollar remittances of overseases Filipino workers (OFWs) help prop up the still struggling domestic economy.

Decades ago, the government launched its highly-successful overseas employment program to meet the employment needs of the Filipino people.

“Hindi na tayo mag-aabroad para magtrabaho kung dito na sa bansa magtatayo ng mga pabrika ang mga dayuhang investor,” a former migrant worker said.

We share the view of Garin that it’s very painful to see former managers and owners of companies in the Philippines working as OFWs in foreign lands.