Aquino: Cha-cha not a solution to boost economy
Monday, October 3, 2011
MANILA (Updated 12:40 p.m.) — President Benigno Aquino III maintained Monday his position not to amend the economic provisions of the Constitution noting that it is not the only way to improve the economy.
“I do not agree that it is the solution to boost our economy,” Aquino said in an interview with reporters in Malacañang.
Citing the market in China, the President said the economic advantage of investing in a country is important rather than the political system.
“We know that China has huge market and that is the reason why they attract many investors. However, as their labor cost starts to rise, investors have started to transfer businesses elsewhere,” he said.
Aquino said he is willing to listen to his allies in Congress about their positions regarding the Charter change but his stand will stay for now.
Earlier, Senator Edgardo Angara said amending economic provisions in the 1987 Constitution that restrict foreign ownership in Philippine businesses should be made a priority.
Angara said that under the present setup, the cap on foreign ownership “either drives off investors or pushes them to use dummies.”
Senator Franklin Drilon, whom Senate President Juan Ponce Enrile tasked with preparing a position paper on Charter change, said the time is ripe to amend restrictive economic provisions in the Constitution.
“To me, more than any other time, this is the best time to propose amendments to the Constitution. The trust rating of the President is very high. He can exercise his political leadership,” Drilon said.
“We are in a democratic country. At least all of these ideas should be explored. But if I’m asked my personal opinion, I don’t think Cha-cha is a necessary move at this point in time,” Aquino said.
He added that he was one of those who strongly opposed the Constitutional assembly before, thus his position on Cha-cha will still be the same. (Jill Beltran/Sunnex)
Source: http://www.sunstar.com.ph/manila/local-news/2011/10/03/aquino-cha-cha-not-solution-boost-economy-182852
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