Dominguez urges lawmakers to ease economic policies

Finance Secretary Carlos Dominguez III and Trade Secretary Ramon Lopez urged lawmakers on Tuesday to remove restrictive economic provisions in the Constitution to attract more foreign investments.

Dominguez cited World Bank data showing the Philippines as seventh among ASEAN countries in terms of average foreign investment inflows from 2015-2019, attributing this to restrictive policies that need changing.

Both officials supported initiatives for economic liberalization through Charter change or law enactment, emphasizing the importance of relaxing current restrictions like those on retail trade and public services.

Economist Bernardo Villegas also backed amending economic provisions in the Constitution, noting Vietnam's recent economic growth due to openness to foreign investors.