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Trade and Industry Secretary Ramon M. Lopez (Bloomberg file photo) Lopez, a resource person during the virtual hearing, said that removing the economic “barriers” in the 1987 Constitution would help the country lure more foreign investors. “Eliminating these barriers will certainly unleash the high growth potential of the Philippines,” Lopez told the House panel, which is chaired by AKO-Bicol Party-List Rep. Alfredo Garbin Jr. “Our economy has been recognized as the second fastest growing economy in Southeast Asia until the year 2019, right before the pandemic struck, with average growth of 6 percent for 14 consecutive quarters. We also know that such growth rates could even be higher if we were able to remove basic restrictions, such as the foreign ownership of businesses in certain sectors stipulated in the Constitution,” the DTI chief explained.

Ramon lopezRamonm lopez bloombergJoey salcedaAllan velascoAlfredo garbin jrAko bicol partyHouse committee on constitutional amendmentsSecretary ramon lopezCharter changeHouse committeeConstitutional amendmentsIndustry secretary ramonBicol party listAlfredo garbinSoutheast asiaBoth houses