Press Release
February 14, 2023

Pimentel agrees with PBBM's stand on economic Cha-cha

Senate Minority Leader Aquilino "Koko" Pimentel III said he agrees with President Ferdinand Marcos Jr.'s statement that foreign investments can still trickle in without amending the Constitution but stressed the future need to revisit its political provisions to improve the country's system of governance.

"The President is correct to say that there are better things that need to be done first and that we can generate foreign investments without amending the Constitution," Pimentel said.

"The proposal to change the economic provisions of the Constitution is not urgent at all as we have passed some economic liberalization laws," Pimentel said, citing the Public Service Act, the Retail Trade Liberalization Act, and the Foreign Investment Act, among others.

However, Pimentel still believes that there is a need to revise the political provisions of the Constitution and reform the system of governance to, among others, reform the partylist system and provide more safeguards against political dynasty.

Pimentel has long advocated a shift in the country's form of government to parliamentary with a unicameral system.

But Pimentel said "the long-standing proposal to reform the country's political system can wait in favor of more pressing issues."

"What is more urgent now is to alleviate the struggles of ordinary Filipinos. If we can help them improve their daily lives, then we give them better chances in participating in the growing economy," the senator said.

Pimentel said the government should maximize the recently enacted economic laws that aim to boost the nation's economic recovery.

"We have yet to fully realize the economic benefits of the amended Public Service Act, the Retail Trade Liberalization Act, and the Foreign Investment Act. These are all directed to address the so-called restrictive economic provisions of the Constitution and to allow more foreign direct investments to come in the country," he said.

Thus, Pimentel called on the executive to finalize immediately the implementing rules and regulations of the Public Service Act, saying it does not have to wait for the Supreme Court to decide on the pending case against the law.

Pimentel was the sponsor of the Retail Trade Liberalization Act during the previous Congress.

The veteran lawmaker said that the said economic laws were amended to specifically cater to the present needs of the nation - to stimulate the economy, welcome competition in business and create more jobs for the Filipinos.

"We should maximize the implementation of these economic laws first," Pimentel said.

"Let us instead work as hard in getting closer to our collective dream of every Filipino enjoying a strongly rooted, comfortable, and secure life," the senator urged.

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