SUMMARY
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Former President Fidel Ramos called for changes in the Philippine Constitution to allow more foreign investments to flow in. The Philippines limits foreign ownership of land and public utilities, among others, to 40%, while Filipino investors take in the remaining 60%. “Historically, Filipinos have opposed constitutional change. But my dear friends, we have to amend the 1987 Philippine Constitution to be more in sync with the development we’re trying to achieve,” Ramos told a business forum February 26. Charter change, however, is not the priority of the Aquino administration. Ramos pushed for Charter change when he was president.
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