JDV: Government may mull lifting economic limits vs. foreigners

Speaker Jose de Venecia recently told foreign officials, local businessmen and sector representatives that the proposed scrapping of economic restrictions for foreigners might soon be considered for legislative action.

De Venecia, who flew to Cebu for a luncheon meeting Saturday with economic stakeholders here, made the assurance in response to a query that United States honorary consul John Domingo raised at the time.

Domingo asked if the government would take up the recent proposal to scrap economic restrictions for foreigners such as the prohibition to own lands, public utilities, businesses and to exploit natural resources.

De Venecia said the restrictions might be lifted probably after the government finally shifts its system from presidential bicameral to unicameral parliamentery.

To the delight and applause of foreign officials, De Venecia said the matter would no longer need a new law but only an amendment to the Constitution.

"The interim members of the parliamentary can convene and then amend the Constitution particularly on the lifting the economic restrictions against foreigners," de Venecia said.

De Venecia added, "The need to improve the performance of the Philippine economy requires that these restrictions be examined and reformed, if necessary."

Businessmen, consular officials, and representatives of academe, the Church, and media attended the luncheon, which was sponsored by the Norkis Group of Companies. - Ferliza C. Contratista