President Rodrigo Duterte is pushing for Charter amendments to ease the foreign ownership of companies to spur economic growth and job generation in the country. In a press conference in Davao City Thursday night, the President announced that he was in favor of a proposed 50-50 cap on foreign ownership of land, natural resources, public utilities, among others, from the current 60-40 rule in the Constitution. “In the coming days, we might be able to fix something in the Constitution,” the President said. “I was against before of selling the lands. I think that is still my stand but I’m willing to change this 60-40 thing, make it more elaborate, maybe even if it is a half-half thing as long as there are good investments where they can provide livelihood for everybody. Yan ang kulang natin,” he said. Duterte agreed it was time to improve the “ratio of business equation” [...]
