Charter change
Millions of Filipinos still poor despite foreign investments
March 23, 2023
Some politicians claim that more FDI after charter change will reduce poverty. However, poverty has stayed high over the years of increasing FDI.
Unemployment worsened even with more foreign investment
March 23, 2023
Proponents of charter change insist that more FDI from changing the Constitution’s economic provisions will create job opportunities and decrease unemployment. Has unemployment decreased as FDI increased?
Job creation weakened despite rapid FDI growth
March 23, 2023
One of the key arguments of charter change proponents is that liberalizing the economy to FDI will create more jobs. But job creation has actually weakened even as foreign direct investment inflows increased.
Trade deficit worsened as FDI increased
March 23, 2023
In the absence of Filipino industrialization, FDI dominates domestic manufacturing. Foreign manufacturers and foreign investors in general have very low local content and their import-intensive operations are fueling the country’s trade deficit. This has widened over the years reaching a record US$43.5 billion in 2018.
Agriculture weakened despite capital inflows in sector
March 23, 2023
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.
Cha-cha of economic provisions a smokescreen for political agenda – IBON
March 14, 2023
Rewriting the Charter’s supposedly restrictive economic provisions is just a smokescreen for the self-serving political agenda of the Marcos family and of legislators. Changing the economic provisions will not develop the economy.
On changing the economic provisions of the 1987 Constitution: More foreign investment does not mean more development
January 26, 2023
As the House Committee on Constitutional Amendments considers proposed amendments, IBON raises five major points on why economic provisions in the 1987 Constitution should be retained.
