FILE

A National Scientist in Economics emphasizes the critical need for strategic amendments to the 1987 Constitution and comprehensive economic reforms. Dr Raul Fabella's paper, "PH Investment Rate: Why are we far behind? How do we rebound?" reveals the Philippines' lowest-in-ASEAN investment rate at 22.4%.

Highlighting the preference for consumption over investment, Fabella compares the Philippines to nations like Thailand, Indonesia, and Vietnam, advocating for urgent changes to reverse the country's position. President Bongbong Marcos and economists acknowledge the necessity of amending economic provisions to attract foreign direct investments (FDIs) and stimulate growth.

Despite the CREATE 2 tax law, the investment rate remains stagnant, facing challenges such as high power costs, bureaucratic inefficiency, corruption, and infrastructural lag. Fabella, who is also a national scientist, proposes measures like lowering power costs, adjusting land ownership ceilings in agriculture, and removing foreign ownership limitations in the Constitution.

The call for support extends to stakeholders, urging a collective effort from the business community, civil society, and the public to foster a pro-investment ecology.

Fabella envisions these transformative initiatives ensuring sustainable economic growth, job creation, and technological advancement in the Philippines.