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Duterte says open to law change to increase foreign ownership in Philippines' firms

Xinhua, December 13, 2016 Adjust font size:

Philippine President Rodrigo Duterte has said he is open to the amendment of the Constitutional provisions that limit foreign ownership of companies to allow foreigners to own as much as 60 percent to 70 percent in a company operating in the country.

The president, during the Wallace Business Forum in Malacanang on Monday night, said he, however, would not agree to a 100 percent foreign ownership of companies or even the sale of lands to foreigners.

Duterte said that at present the Constitution only allows a 60 to 40 percent ownership sharing in favour of the Filipinos and he is willing to change that and allow foreigners to have the bigger share or 60 percent and the Filipinos the 40 percent.

He said he is even open to allowing up to a 70 percent foreign ownership if the firm is a big corporation.

"About the Constitution, I am ready to reverse the 60-40. As long as Congress is also ready, I will go along with it," he said, explaining that easing foreign ownership restrictions will help attract more foreign investments and eventually create more jobs for Filipinos.

The president added that he favors the amendment of the Constitution as long as it only focuses on the economic provisions and would not touch the other provision of the Philippine Charter.

"If they are willing to concentrate on the economic provisions, I said the equity can be reversed, 60:40, or 70 (30)," Duterte said.

The president, however, warned against amending the provisions on foreign land ownership which some lawmakers are pushing for.

"It's a fundamental irreconcilable difference with me and some of the Congressmen because, even the Speaker before, who was my political enemy, already agreed to sell lands - lands to foreigners. I am sorry but I am not ready for that kind," Duterte said.

Asked if it is possible to pass the Charter amendments and hold the plebiscite alongside the midterm elections in 2019, the president said it is possible.

"We could do that. Yes. Possibly. I have no objection," Duterte added. Endit