Economic Planning Secretary Arsenio Balisacan said Wednesday the political bickering sparked by efforts to revise the 1987 Constitution could undermine the economy, whose growth prospects this year are already under threat from El Nino and global geopolitical risks.
“We’re not worried for now,” said Balisacan, calling the current political bickering between the Senate and the House of Representatives and among allies of President Ferdinand Marcos Jr. a part of the “democratic space.”
“But this issue needs to be settled soonest. It is in the best interest of the country and the economy,” Balisacan said.
The economy expanded 5.6 percent in 2023, missing the government’s 6 percent to 7 percent growth target as inflation gnawed on consumer spending, high interest rate tempered investment growth, a contraction in government spending, and external headwinds hurt global trade.
The economy grew by 7.6 percent in 2022.
In a separate statement issued earlier this week, the economic planning secretary pointed out his consistent strong support for the proposed amendment of the economic provisions of the 1987 Constitutions since the removal of restrictive provisions “are crucial for the economic advancement and competitiveness of the Philippines.”
He said removing restrictive economic provision would make the country more attractive to foreign investments and “adaptable in the global economic landscape.”
“It is crucial to highlight that, while supportive of these amendments, I also advocate for a balanced approach. This includes maintaining certain protections, such as the stance against full foreign ownership of land, as articulated by President Marcos,” Balisacan explained.
