Economic Cha-cha to boost FDI - BSP

Amending the restrictive economic provisions in the 1987 Constitution will likely attract more foreign investments in the country and stimulate economic growth, according to the Bangko Sentral ng Pilipinas (BSP).

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In a position paper on Resolution of Both Houses (RBH) 7, the BSP said it maintained its view to support the easing of restrictive economic provisions in the Constitution.

"The BSP believes that reducing, if not removing, restrictive provisions will facilitate the increase in foreign capital investment and hasten the growth of the economy, which, in turn, can expedite the ability of the nation to realize inclusive economic growth," the central bank said.

Lawmakers have been deliberating whether to amend the 1987 Constitution's economic provisions by inserting the phrase "unless otherwise provided by law" in Article XII, Article XIV and Article XVI of the Constitution.

This would ease foreign ownership restrictions in education, public utilities and advertising.