Duterte wants foreign ownership limits included in Charter change agenda RTVM

Duterte wants foreign ownership limits included in Charter change agenda

President Rodrigo Duterte is pushing for Charter amendments to ease the foreign ownership of companies to spur economic growth and job generation in the country.

In a press conference in Davao City Thursday night, the President announced that he was in favor of a proposed 50-50 cap on foreign ownership of land, natural resources, public utilities, among others, from the current 60-40 rule in the Constitution.

“In the coming days, we might be able to fix something in the Constitution,” the President said.

“I was against before of selling the lands. I think that is still my stand but I’m willing to change this 60-40 thing, make it more elaborate, maybe even if it is a half-half thing as long as there are good investments where they can provide livelihood for everybody. Yan ang kulang natin,” he said.

Duterte agreed it was time to improve the “ratio of business equation” in the areas of manufacturing in agricultural areas, natural resources development, public utilities and even expropriation of lands.

Duterte announced the charter change proposal shortly after a meeting with the visiting Japan Foreign Minister Fumio Kishida in Davao.

The two leaders affirmed strong bilateral relations between the Philippines and Japan, from economic to security relations.


Video courtesy of RTVMalacanang via YouTube

Duterte also invited Japan to pour more investments in the country, as he promised the government will put more economic zones. “We are happy if you come in to help especially in employment,” he added.

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read more: http://www.mb.com.ph

Read 844 times Last modified on Friday, 12 August 2016 12:39
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