As talks for economic charter change (read why we need it now here) are on (or I'd better call it economic constitutional reform), I'm not surprised at opposition (for the sake of it) on Facebook. Back in 2021, an economist I admire named Andrew James Masigan wrote about the need for economic charter change. As you already know, I'm not an economist but I'll clarify that gossip against economic charter change is getting prevalent. It's sad that many Filipinos (if ever) still can't understand what foreign direct investment (FDI) is. Some of them believe in lies such as (1) accepting FDI means solely relying on foreigners (read my rebuttal here), (2) that only FDIs will get rich if they invest in the Philippines (read my rebuttal here), (3) that it will just benefit the oligarchy (read my rebuttal here), (4) that FDIs are invaders (read my rebuttal here), (5) that FDIs will only provide jobs for foreigners and none for Filipinos (read rebuttal here), (6) that the 60-40 arrangement is more beneficial (read rebuttal here), and (7) FDIs also include Filipino women dating foreigners, which is absolutely ridiculous (read why here). Those seven things I stated barely cover the depths of foolishness people give.
The sources of such foolish talk can be traced to foolish talk. Some of the favorite sources of opponents of economic charter change are (1) Atty. Hilario G. Davide Jr. (and I wrote if he really knows how to make the Philippines rise up in the Asian Century), (2) the Catholic Bishops Conference of the Philippines (CBCP) which is incredibly ironic to be a Filipino devout Catholic opposing FDIs (since the Vatican isn't located in the Philippines and it's technically an MNC), (3) the IBON Foundation (which is driving me dizzy making me write about what's their view on FDI), (4) organizations like Kabataan (Youth) Partylist, Bayan Muna, and League of Filipino Students (LFS), and (5) various Facebook pages that can barely hold an argument. One can always talk and talk but can one really see the results? That's why I even ask who one would listen to between Kishore Mahbubani of the Lee Kuan Yew School of Public Policy (LKYSPP) or Davide Jr. (read here).
As a child, I was taught about Filipino First Policy in the "values education" class (read
here). It's said that it's for patriotism and for development. It's often said that buying imported products will only benefit the
country of origin. However, if one looks at the history of Singapore (and I expect Flor Contemplacion crybabies to raise her all over again), one can see a big difference. If one looks at the history of China's progress (though today is the 35th anniversary of the unfortunate Tiananmen Square Massacre), Deng Xiaoping wrote the black cat and white cat theory. Ironically, China still progressed
despite the Tiananmen Square Massacre. If one looks at Deng's theory, one should ask that angle in the Filipino business environment. First, it doesn't matter if the investor in the Philippines is a foreigner or a Filipino, as long as that investor provides jobs and services for Filipinos (read why
here). Second, Filipino investors should care less if the materials are Filipino or foreign, as long as they can use them to improve their businesses (read why
here). In short, like Santa Claus and the Tooth Fairy, the thought of progressing through the Filipino First Policy should be
outgrown as fiction.
Results will always speak louder than claims. Until now, the claim that the Philippines is "really that open" to FDI is a lie. The difference between economic restrictions in other countries vs. the Philippines is where they're placed. The Philippines continued to put the restrictions in the
constitution while other countries put them
only in legislation. The difference is that putting them
only in legislation makes it easier to make amendments instead of having to amend the Constitution, which can be a more costly process. To say Vietnam has "more restrictions" in the economy over the Philippines is plain wrong (read
here). Is it because Vietnam is a
Communist country and the Philippines is a democracy?
Vietnam's law on foreign investment is far more flexible than the Philippines. There was
some economic improvement under the late Benigno Simeon C. Aquino III. However, let's not get
overly complacent and treat Aquino III like a person like no other. Instead, we need to think about
how to greatly improve what any leader did better. That's why the late Fidel V. Ramos wanted to change the constitution. Sadly, that attempt was foiled because of gossip. I used to antagonize it because I feared another dictatorship.
After reading
From Third World to First, I'd like to boldly declare that the late Lee Kuan Yew called the economists of his day a
third-world mentality. Singapore used to be
poorer than the Philippines. It used to be infested with dissidents. However, LKY's long journey of more than six years (he ruled for 31 years and it's
not a scary thought with a good leader) fixed Singapore. Let me remind people that without a parliamentary system, there will be no LKY nor a Mahathir Mohamad. Sadly, some Filipinos only take LKY's advice on the Marcoses (read
here) but not his other advice about economics. In fact, Ramos talked with LKY about how he believed in the need for the Philippines to have a parliamentary system. LKY even gave his speech where the Philippines needed to ease its restrictions. The book's probably not easy to find because of greedy oligarchs and self-serving politicians. Not to mention, LKY even called the Philippine press rambunctious in that same book. I dare people now to point out LKY recommended the Philippines remain protectionist, the 1987 Constitution of the Philippines is the "best in the world", all because they still quote LKY about the Marcoses.
With economic charter change, a great change can happen in the Philippines. It will mean generating wealth greater than the Marcos Wealth. Filipino businesses will have to shape up or be beaten out. It will mean expanding one's business network. More jobs will be available since MNCs and Filipino companies will compete against each other. Filipino companies will have better opportunities to grow their networks of customers, suppliers, and service providers. If environmental laws are a concern, we cal also learn from LKY's Green Singapore Policy. There's always legislation to make businesses follow environmental laws. Singapore's environmental laws and cleanliness prove it.
That's why I question if people really love the Philippines or not. It's not loving the Philippines if one loves the country for the bad things that give Filipinos a bad image. It's not loving the Philippines to support policies that have caused Filipinos to fly abroad (and no, they're not conquering that country) because of a lack of jobs. It's not loving the Philippines if one supports policies that make basic needs all too expensive, that Filipinos in the lower income bracket, can't even afford them. If one claims to reject economic charter change out of "love for the Philippines", I dare say they only love the dysfunctionality in the Philippines than the Philippines.
