Duterte plans to relax foreign ownership restrictions to attract investors

Philippine President Rodrigo Duterte said on Friday that he is willing to relax the foreign ownership restrictions in the constitution in a bid to lure more foreign investors and boost employment.

Duterte told a press conference in Davao City late Thursday night that he conveyed to visiting Japanese Foreign Minister Fumio Kishida about his plan during their meeting in the southern Philippine city Thursday afternoon.

The 1987 Philippine constitution limits foreign ownership of companies in the Philippines to 40 percent, restricting the flow of foreign investments into the country and protecting the domestic monopolies from foreign competition in vital industries like ports, shipping, telecommunications, power and other infrastructure.

The constraint results in poor investment climate in the country, according to economists.

"I was before against selling the lands, I think that is still my stand, but I'm willing to change this 60-40 thing, make it more elaborate, maybe even a half-half thing as long as there are really a good investments where I can provide livelihoods for everybody," Duterte said.

Duterte said his talks with the Japanese foreign minister mainly focused on how to further strengthen the relations between the two countries. Endit