PHL envoy to US bats for Charter change on foreign investments
"Amending the constitutional provisions effectively limiting foreign investments in the Philippines would be necessary if the country would like to be part of a United States-led regional economic pact, Ambassador to Washington D.C. Jose Cuisia said Tuesday.
"Cuisia explained to reporters during a meeting with the American Chamber of Commerce in the Philippines that the Trans-Pacific Partnership (TPP) agreement is designed to level the playing field in the economic ties between and among the Pacific Rim nations.
""Amending the Constitution is not going to be easy, but its up to us, we make the decision,” the Philippines’ envoy to the US stressed.
"Another issue that matters in international commerce is the implementation of protections on intellectual property rights (IPR),Cuisia said. He said passage of the IPR bill in Congress would boost the country’s advantages in creativity and innovation.
"“There is no pressure from them (United States),” Cuisia clarified.
"“The ownership and management of mass media shall be limited to citizens of the Philippines, or to corporations, cooperatives or associations, wholly-owned and managed by such citizens,” according to Article XVI, Section 11 of the 1987 Constitution.
"Foreign capital in advertising firms is restricted to 30 percent by the same section in a succeeding paragraph.
"Forty percent is the maximum foreign capital allowed in educational institutions, public utility firms, mining companies, and business entities engaged in the “ exploration, development, and utilization of natural resources…” according to the Constitution."
"Cuisia explained to reporters during a meeting with the American Chamber of Commerce in the Philippines that the Trans-Pacific Partnership (TPP) agreement is designed to level the playing field in the economic ties between and among the Pacific Rim nations.
""Amending the Constitution is not going to be easy, but its up to us, we make the decision,” the Philippines’ envoy to the US stressed.
"Another issue that matters in international commerce is the implementation of protections on intellectual property rights (IPR),Cuisia said. He said passage of the IPR bill in Congress would boost the country’s advantages in creativity and innovation.
"“There is no pressure from them (United States),” Cuisia clarified.
"“The ownership and management of mass media shall be limited to citizens of the Philippines, or to corporations, cooperatives or associations, wholly-owned and managed by such citizens,” according to Article XVI, Section 11 of the 1987 Constitution.
"Foreign capital in advertising firms is restricted to 30 percent by the same section in a succeeding paragraph.
"Forty percent is the maximum foreign capital allowed in educational institutions, public utility firms, mining companies, and business entities engaged in the “ exploration, development, and utilization of natural resources…” according to the Constitution."
