TOKYO — The Philippine government has pledged to ease constitutional restrictions on foreign ownership of businesses to allow more investments and generate employment in the country.
President Rodrigo R. Duterte’s economic team, however, has refused to relax rules on foreign ownership of lands.
“In the next year, we will be opening the areas for investments that have been administratively limited and this will be done in May of 2017,” Finance Secretary Carlos Dominguez said at the Philippine Economic Forum at the Prince Park Hotel here.
“For the near future, the President has called for a constitutional convention to open up those areas of our economy that are limited by our Constitution with the exception of land ownership,” he added.
Prior to Dominguez’s remarks, the Japanese business community called for the relaxation of strict constitutional restrictions that curb investments to the Philippines.