ECONOMISTS and business leaders proposed amendments to Articles 12 and 16 of the 1987 Philippine Constitution years before the Covid-19 pandemic. They focused particularly on the economic provisions that limit foreign ownership of land and certain businesses to only 40 percent while setting aside the other 60 percent exclusively for Filipino citizens or corporations.

This outdated scenario has undoubtedly led to stagnation in the flow of foreign capital into the Philippine economy. Many of our Asean (Association of Southeast Asian Nations) neighbors now allow majority or full foreign ownership of local companies. Under Singaporean law, for example, foreign companies can incorporate a local subsidiary and own 100 percent of its shares.