Duterte to amend Constitution for foreign ownership expansion

MANILA, Philippines - Davao City Mayor Rodrigo Duterte says he is willing to amend the 1987 Constitution to allow foreign-owned businesses to flourish in the country.

Speaking at the sidelights to reporters after attending the Wallace Business Forum with businessmen in Makati City on Wednesday night, Duterte said he is comfortable with a 70 to 30 percent arrangement in favor of foreign businessmen.

Under the protectionist clause of the Constitution (Article XII), foreign ownership of property is restricted to a 40 percent baseline share.

“I can be comfortable with 70 to 30 percent [in favor of foreign ownership]. I would go as far as 70 (percent). Ang Filipino wala namang pera that is the problem,” Duterte said.

Duterte added that he is also willing to lease lands to foreigners for manufacturing and agricultural ventures. He however stressed that no lands would be sold to foreigners.

“Maybe for manufacturing, I can lease the land, even for agricultural venture. I am not comfortable about selling land even for manufacturing ventures and even agriculture large tracts of lands,” he said.

Duterte said foreign businessmen would be allowed to lease land in the Philippines for 40 years that could be renewed for another 40 years.

“I can give you a lease for 40 years, renewable for 40 years. That’s a lifetime. But if you leave the country, automatic yun na you cannot pass it on to another corporation,” he said.

Duterte also said that he will revive the country’s steel industry if elected as president.

“We have to industrialize. Bakit ako papasok sa steel industry?  Ang ating ores, yung raw materials nila, galing sa atin. Tapos ibabalik nila at bibihin natin. Mura daw. Pero alam mo, yung mura, mahal, depends on what happens to this world. E kung magbaba tayo, at magbaba ang ekonomya ng buong mundo, e pano yan? Itong currency is too volatile,” he said.

According to Duterte, reviving the country’s steel industry would also enable the county to engage in shipbuilding and other steel-related industries.

“Steel is everything. Lahat ng makikita mo comes from steel. We have to develop the steel industry. That is also for our national identity here. The better is for us not to export our raw materials and we can build ships, we can have shipyards, we can do anything,” he said.

Meanwhile, Duterte said he is also proposing that the term of the president be extended to another six years or for two terms. He said that the present six-year-term of the president is not enough to implement all the plans on the drawing board.

“It is better that we go back to the two terms. Six years is too short. Maybe I can just clean the esteros. ‘Tong six years hindi maganda, kahit sa mga city mayors and the local government officials. I would propose that we go back to the two terms for president,” he said.