Excerpts from “On Removing the Nationalist Economic Provisions”

Presented to the House of Representatives Committee on Constitntional  Amendments

by Sonny Africa, IBON Research Head

“What is good for foreign investment is not necessarily good for the economy.”

“Charter change to remove nationalist economic provisions is not needed for investment.”

“In 2000, 70 countries introduced 150 regulatory changes with 147 towards liberalization/ promotion (98%) and 3 towards regulations/ restrictions (2%).”

“In 2010, 74 countries introduced 149 regulatory changes with 101 towards liberalization/ promotion (68%) and 48 towards regulations/ restrictions (32%).”

“Since November 2008, governments have together implemented 1,055 protectionist measures — G20 members have imposed 602 of these protectionist policies.”

“Charter change to remove nationalist provisions will be bad for Philippine development.”

“The country has been deferential to foreign investments for decades.”

“Obsolete globalization policies need to be changed, not the 1987 Constitution.”

“Foreign investors want to profit from the Philippines, not develop it.”

“Regulate foreign investment for mutual benefit and strategic national development.”

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