EX-AJ CARPIO: 'Di na kailangan amyendahan ang konstitusyon para sa foreign ownership | 24 Oras - video Dailymotion

GMA Integrated News

Sa patuloy na pagtalakay ng Senado sa pag-amyenda ng konstitusyon, iginiit ng isang dating associate justice na tila hindi nauunawaan ng ilang lider ng bansa ang mga batas kaugnay ng foreign ownership. Hindi na raw kailangang ng charter change para diyan.   24 Oras is GMA Network’s flagship newscast, anchored by Mel Tiangco, Vicky Morales and Emil Sumangil. It airs on GMA-7 Mondays to Fridays at 6:30 PM (PHL Time) and on weekends at 5:30 PM. For more videos from 24 Oras, visit http://www.gmanews.tv/24oras.   #GMAIntegratedNews #KapusoStream  Breaking news and stories from the Philippines and abroad: GMA Integrated News Portal: http://www.gmanews.tv Facebook: http://www.facebook.com/gmanews TikTok: https://www.tiktok.com/@gmanews Twitter: http://www.twitter.com/gmanews Instagram: http://www.instagram.com/gmanews  GMA Network Kapuso programs on GMA Pinoy TV: https://gmapinoytv.com/subscribe

Transcript

00:00 In the continued discussion of the Senate on the amendment of the Constitution,

00:04 a former Associate Justice said that it seems that some leaders of the country do not understand the laws,

00:09 especially foreign ownership.

00:11 There is no need for a charter change for Rihanna.

00:14 Ian Cruz is on the spot.

00:16 Opening the economy to foreigners is often the opinion of those who support the amendment of the Constitution.

00:26 But when it comes to the Senate hearing of former Supreme Court Associate Justice Antonio Carpio,

00:30 even if the amendment of the Constitution is not already in place,

00:33 there are already laws passed to open the economy to 100% foreign ownership.

00:38 There appears to be a lack of understanding by our national leaders of the extent of foreign ownership

00:44 under the law of businesses in our country.

00:47 Among the laws he mentioned are the Retail Trade Liberalization Act

00:51 and the Public Services Act that is being questioned by the Supreme Court if it is in accordance with the Constitution.

00:57 According to one of the members of the Public Services Act,

01:00 this is enough to allow foreign investment.

01:03 We are open to foreign investors.

01:07 We have made great strides in the past years liberalizing our economy

01:12 without compromising our national security or leaving behind Filipino businesses.

01:18 Despite Carpio's statement, the law does not stop foreign investments from entering the country.

01:23 Instead, the cost of electricity is twice as high as in Asia, followed by Japan.

01:28 The regulations are also difficult, like the high number of permits for the construction of factories

01:34 and the poor transportation and infrastructure, such as roads and roads.

01:39 But despite the Department of Trade and Industry, the regulations on the construction of factories are still strict.

01:44 There is a negative correlation between FDI performance and these regulatory restrictions.

01:52 And of course, the more open you are, the higher the FDI inflows.

01:59 Although there are countries that support the removal of economic restrictions from the Constitution,

02:03 the removal of economic restrictions would facilitate increased foreign direct investment

02:09 in sectors where such investment is currently restricted.

02:13 There are also other countries that are concerned about the consequences of the heated debate.

02:18 We got some calls from some of our members following the news and the political debate

02:24 about how this might unfold. There is some uncertainty out there.

02:30 One of the framers of the 1987 Constitution, Dr. Bernardo Villegas, said that

02:36 "We should put poverty first."

02:39 We do not need to amend the Constitution. We should have a single-minded focus on the scandal

02:46 that we have 21 percent of our population living in demonizing poverty.

02:51 All of our neighbors in Southeast Asia have single-digit poverty incidents.

02:55 The hearings will continue.

02:58 Public hearings in Cagayan de Oro in Mindanao and Cebu in Visayas are also possible.

03:03 For GMI Integrated News, Ian Cruz, Nakatutok, 24 Horas.

03:07 [Music]

EX-AJ CARPIO: 'Di na kailangan amyendahan ang konstitusyon para sa foreign ownership | 24 Oras

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