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Constitutional amendments proposed are believed to be beneficial to the economy

Given that the current focus covers the economic components, the proposed Constitutional amendment is anticipated to strengthen the economy, according to Fitch Solutions.

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Fitch Solutions stated in a commentary dated March 7 that changes to the economic sections of the law, such as limitations on foreign direct investments (FDI), will assist the nation’s competitiveness on the world stage.

It cited a Bloomberg report that the resolution establishing the body that will put up modifications to the 1987 Constitution was approved by the House of Representatives on its third and final reading.

“Although it is still early in the process, any changes that are pro-business to the Filipino business environment would pose upside risks to our long-term growth forecast of the Philippines and in particular to investments,” the statement read.

According to the comments, capital creation in the country, which historically has averaged about 23% of the domestic output from 2005 to 2002, may increase if prohibitions on foreign investments are perhaps removed.

The ratio “may climb by several percentage points over the longer term as a result of changes to legislation,” it warned.

The planned modifications, according to Fitch Solutions, will increase both domestic and foreign investment.

“We anticipate the administration to continue implementing pro-investment measures during the next quarters, particularly as the President has reiterated his aspirations to make the Philippines a top investment destination,” it continued.

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