Philippine vice president calls for revisit of restrictive policies to economic growth

Philippine Vice President Jejomar Binay on Monday called for a revisit of the Southeast Asian country's restrictive policies that hinders economic growth. At the sidelines of the Joint Membership Meeting of the Employers Confederation of the Philippines, the Makati Business Club and the Management Association of the Philippines, Binay underscored the need to liberalize laws with economic provisions in pursuance of the government mantra of inclusive growth. "I have taken the position that we should at least, for starters, revisit measures that gets in the way of inclusive growth. We can start with the economic provisions of the constitution," he told reporters during the regular forum of businessmen. He added that the required legislative changes are not imperative on President Aquino's term but would certainly need the push of national government. "Though it the fastest route, let me express my concern that the Congress itself may insert provisions that are not of economic orientation at all. That is as scenario that I am truly afraid might happen," he said. He also expressed concern that alleged path to liberalization should be able to prepare Philippine businesses and the economy for global competitiveness. Earlier, a group of local businessmen also urged the national government to soften the restrictive policies under the nationalistic provisions of the constitution. The group of businessmen is seeking for an amendment of the economic provisions in the constitution to allow the entry of more foreign direct investments and a leeway for small and medium scale enterprises (SMEs) to grow and develop. The group is apprehensive over the seeming reluctance of foreign companies to invest in the Philippines despite improved credit and investments ratings. Businessmen are citing inconsistencies on policies and " disrespect of contracts" as several of the more obvious reasons for slow investments.