According to Solon, Fitch’s study supports House’s push for Cha-cha.
Rufus Rodriguez, chair of the House Committee on Constitutional Amendments, applauded Fitch Solutions’ report on Friday that emphasized the necessity for revisions to the Constitution if the nation is to draw in more foreign investment.
The lawmaker from Cagayan de Oro City’s 2nd District declared, “The Fitch evaluation supports our desire to revise the Constitution’s burdensome clauses in order to enable the country to draw in more foreign investors.
“More investments will result in greater opportunities for our people to find employment and earn income. The nation will be able to maintain its economic growth with more foreign investment, he said.
Changes to the Charter, according to Fitch Solutions’ study, would improve the investment climate.
Although the process is still in its early stages, it stated in a commentary on Tuesday that “any pro-business improvements to the Philippines’ business environment would represent upside risks to our long-term growth outlook for the Philippines and in particular to investment”.
It noted that investment circumstances in the nation for foreigners have historically been “difficult due to restrictive policies,” but predicted that the removal of foreign direct investment limitations could result in an increase in foreign investments in the years to come.
The Senate was asked by Rodriguez to “read the Fitch Solutions report.”
The House decisively approved Resolution of Both Houses (RBH) No. 6, which requests that Congress hold a constitutional convention to consider amending the Constitution, on Monday, March 6.
301 out of the 314 members of the House joined Speaker Martin Romualdez in signing the resolution.
A related implementing bill was likewise overwhelmingly approved by the House of Representatives.
The Senate will soon get both the resolution and the measure.
Romualdez and Rodriguez, however, concurred that the proposed House constitutional amendment would merely modify the Charter’s economic clauses, which they claimed imposed restrictions on the inflow of foreign investment.
Speaker Romualdez stated that revising such regulations “may be the ‘last piece in the puzzle’ of enhancing the nation’s an investment and economic environment.”
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