We, the Foundation for Economic Freedom, support the ongoing deliberation at the Lower House on the Resolution of Both Houses No. 1 (RBH1) or the Belmonte Resolution, which seeks to amend the restrictive economic provisions of the Constitution.

1. Foundation for Economic Freedom, Inc.
BOARD OF ADVISERS:
Gerardo Sicat
Cesar A. Virata
BOARD OF TRUSTEES:
Roberto De Ocampo
Chairman
Romeo Bernardo
Vice-Chairman
Calixto Chikiamco
President
Ernest Leung
Treasurer
Atty. Ricardo Balatbat III
Corporate Secretary
Anthony Abad
Art Corpuz
Eduardo Gana
Felipe Medalla
Vaughn Montes
Simon Paterno
Gloria Tan-Climaco
Francis Varela
Atty. Ricardo Balatbat III
Executive Director
105 Philippine Social Science Center (PSSC) Commonwealth Ave., Diliman, Quezon City
Telefax: (632) 4532375 (Main Office) Tel No.: (632) 8939602 (Accounting)
Website: www.fef.org.ph Email: fefphilippines@gmail.com / fef@fef.org.ph
PRESS RELEASE
FEF STATEMENT OF SUPPORT FOR CHARTER CHANGE ON
LIFTING ECONOMIC RESTRICTIONS
We, the Foundation for Economic Freedom, support the ongoing deliberation at the Lower House on the Resolution of Both Houses No. 1 (RBH1) or the Belmonte Resolution, which seeks to amend the restrictive economic provisions of the Constitution.
We laud the House Speaker for firmly pursuing said measure amidst threat of possible derailment brought by sudden changes in the political atmosphere and calls for political ChaCha.
It is high time that we amend the Constitution. The country’s economy continues to be in an upswing, registering a growth of 6.4 percent in Q2 2014, however growth has not translated into employment. As we have often said, “more investments mean more jobs”.
The Philippines has a low domestic savings rate but this can be augmented by foreign investments. It is the firm belief of the Foundation that opening up the economy to foreign investors and allowing more freedom in investments and flow of factors of produc- tion will lead to more economic activity that will benefit all. Moreover, entry of foreign investments in strategic industries that are highly technical and require high capitalization is a win-win scenario. Foreign investments is expected to provide competition and break monopolies of existing market giants and increase consumer welfare through better service delivery and more choices.

2. 105 Philippine Social Science Center (PSSC) Commonwealth Ave., Diliman, Quezon City
Telefax: (632) 4532375 (Main Office) Tel No.: (632) 8939602 (Accounting)
Website: www.fef.org.ph Email: fefphilippines@gmail.com / fef@fef.org.ph
Foundation for Economic Freedom, Inc.
Enough with the negative propaganda of foreign investors owning our land. The intent of RBH1 is not an out- right removal of the restrictive economic provisions. The insertion of the phrase “unless otherwise provided by law” in certain sections of the Constitution means that the provisions are not fixed but are flexible, and can be further defined by laws that will need to be legislated in Congress. We will still define the sharing and extent of ownership.
The global conditions are not the same as before. For a developing country like ours, there is much to be gained from opening up and taking full participation in the global market. It is true that removing the restrictions is but one of the many factors that we need to get the market fundamentals right. But further delaying the amendments will further delay our opportunity at development, especially now when investor confidence is high. It is our choice whether to adapt or to perish.
For more information, please check our website: www.fef.org.ph , or contact the following:
Ethel Briones, Program Officer – ebbriones@fef.org.ph /+63 2 453 2375
Ranna Pintor, Program Officer – rannapintor@yahoo.com / +63 2 453 2375