Militant group Bagong Alyansang Makabayan (Bayan) on Tuesday cautioned President Rodrigo Duterte against relaxing constitutional restrictions on foreign ownership of Philippine corporations, saying it will not lead to national development but for greater profits for foreign investors.

Bayan secretary-general Renato Reyes said Duterte should listen more to workers and farmers instead of businessmen and corporations pushing for Charter change and the opening up of the national economy.

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“The revision of the economic provisions of the Constitution may be undertaken along with proposals to change the form of government. A change in the ownership restriction in favor or foreign companies will result in greater foreign control of the domestic economy? Towards what end?” Reyes said in a statement.

Reiterating his previous remark even before winning the presidency, Duterte on Monday evening said he was open to reversing the 60-40 constitutional restriction on ownership of public utilities, but said he will not allow 100 percent foreign ownership of land.

Foreign ownership of property is restricted to a 40-percent baseline share under Article XII of the Constitution.

Reyes said easing foreign ownership caps would “strengthen oligarchs and compradors acting as local reps of big multinationals.”

“Greater foreign control of the economy will be anathema to the President’s promise of change. He must not proceed down this dangerous path,” he added. TVJ

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