A recent Pulse Asia survey revealed that a significant majority of Filipinos are against changing the 1987 Constitution, especially regarding the proposal to allow foreign ownership of residential and industrial lands. The survey found that three-fourths of Filipinos oppose charter change, with 81% expressing strong opposition to amendments that would permit foreign individuals or corporations to own land in the Philippines. This sentiment reflects deep-seated concerns about national sovereignty and economic control.
Complicated regulations hinder investment in the Philippines
The survey highlighted the barriers to foreign investment in the Philippines. More than half of the respondents (56%) pointed to complicated rules and regulations as major deterrents. Additionally, 55% cited restrictive rules on foreign ownership as significant obstacles. These regulatory hurdles make it challenging for foreign investors to navigate the Philippine market, potentially discouraging them from bringing in much-needed capital and expertise.
Aside from regulatory issues, Filipinos have identified several other factors that discourage foreign investments. 46% of respondents pointed to corruption in the public sector, highlighting the ongoing challenge of ensuring transparency and accountability in government transactions. Additionally, 40% of respondents noted inadequate transport infrastructure, indicating the need for substantial improvements in connectivity and logistics. Moreover, 37% of Filipinos highlighted the high cost of electricity as a significant barrier, reflecting wider concerns about the competitiveness of the Philippine economy.
Mixed perceptions on removing restrictions
There is significant opposition to lifting constitutional restrictions on foreign investments in the Philippines, but Filipinos see both potential benefits and drawbacks. According to a survey, 64% of respondents believe that removing these restrictions could lead to the creation of high-quality jobs with better salaries and benefits.
Additionally, 56% think that it could improve services for stakeholders and customers. However, there are concerns about potential negative impacts, with 55% worried that foreign capital could dominate local businesses and 43% expressing concerns about national security risks.
Awareness of investment challenges
The survey results show that Filipinos are well aware of the complexities and challenges that foreign investors encounter in the country. This understanding contributes to the overall reluctance to amend the 1987 Constitution. Filipinos are cautious about the trade-offs involved in attracting foreign investments, as they weigh the potential economic benefits against the risks to national sovereignty and local business interests. For property buyers and owners in the Philippines, these findings highlight the importance of navigating a complex regulatory environment and the ongoing debate about the future of foreign investment in the country.
The resistance to constitutional amendments and the highlighted barriers to investment suggest that potential foreign investors must carefully consider the regulatory and economic landscape in the Philippines. While opportunities exist, particularly in a market with growing demand for real estate, the path to successful investment requires a nuanced understanding of local sentiments and legal frameworks.
