Charter change advocates in Congress claim changing the constitution to favor foreign direct investment (FDI) will develop the economy. Yet while foreign capital poured into the agriculture, forestry and fisheries sector over the years, its share in the economy has plunged.
The stock of FDI in the sector more than doubled from US$53.6 million in 2000 to US$115.7 million in 2017, the latest year for which data is available. But the sector’s share in gross domestic product decreased from 15.2% in 2000 to 10.1% in 2017. Agriculture has become the underdog to manufacturing and services.