Even if President Ferdinand “Bongbong” Marcos Jr. said that Charter change (Cha-cha) is not a priority of his administration, his allies in the House of Representatives continued their deliberation on proposals to amend the 1987 Constitution.
Why do they want to amend our Constitution? They want to loosen some restrictions on doing business, such as allowing foreigners to have 100% ownership of businesses. If the Constitution is amended and foreigners are given full ownership of businesses in the Philippines, more investors will be enticed to come and do business in the country. Legislators pushing for Cha-cha claim that this will spur economic growth which will help create jobs and lift many out of poverty. But
But is limiting business ownership really the biggest reason discouraging foreigners from investing in the country? This is just one of various reasons why the entry of foreign investment in our country is slow—the lack of infrastructure (including fast internet), red tape, bribery, and lack of fair competition are equally important concerns.
The process that Cha-cha proponents want to do is also expensive. It is said that up to ₱28 billion will be needed to amend the Charter. In this issue of Intersect Quick Facts (IQF), let’s find out: is the Cha-cha worth it? What do we stand to lose?
