Constitutional change intended to allow for greater Foreign Investment

The top official of the Philippines filed a proposal in the Senate to modify the Constitution to allow for greater foreign ownership, which further accelerated attempts to open the country to more investors. 

If their plan is approved, Senate President Juan Miguel Zubiri and two of his colleagues would be able to increase the limits on foreign ownership, especially in the areas of public utilities, advertising, and education. 

Additionally, the proposal suggested that any constitutional amendments require separate approval from the Senate and the House of Representatives. To draw in more international investment, President Ferdinand Marcos Jr. supported a revision of the country's nearly 40-year-old Constitution. Though some legislators have questioned the timing and motivation, House Speaker Martin Romualdez stated he will press for these measures this year.