Koko backs Pres. Duterte's plan to liberalize PH economy

Senate President Aquilino "Koko" Pimentel III made a statement on Tuesday backing the proposal of President Rodrigo Duterte to liberalize the country's economy to attract more investments and to strengthen the competition in the local market.

Pimentel made the statement following President Duterte's pronouncement last week that he is taking steps to open up the Philippine economy to new players and foreign investors - particularly in the power, energy and telecoms sectors - to limit corruption and protectionism.

He said the proposed charter amendments to the present constitution not only focuses on the country's shift to federalism but also aims to upgrade the country's economic policies.

"We must make sure the economy works for all Filipinos and not just a few families," said Pimentel.

Pimentel, President of the ruling Partido Demokratiko Pilipino - Lakas ng Bayan (PDP Laban), said he is carefully studying the proposal to change the 60-40 rule of 1987 Constitution which limits foreign investment in the country.

He said that allowing new players in the local market not only strengthens the competition but also eliminates monopoly and protectionism.

The Senate leader explained more competitors means cheaper and better products in the market.

During the Asia-Pacific Economic Cooperation (APEC) summit in Peru, President Duterte together with 20-member heads of state issued a joint statement committing to fight "all forms of protectionism."

The PDP Laban, which is led by President Duterte as Chair and Pimentel as President, has a Federalism Institute, which studies proposed amendments to the Constitution.