Hilarious Davide Shows Just How Ignorant He Is About Basic Economics With His Statement Concerning Foreign Investors

I remembered that I wrote post that discussed how a failure to understand basic economics leads to backwards thinking. This would be the problem of 82 year old Hilarious Davide as he should be called now. It's a shame really how there are many times that intelligent people can be so stupid when it comes to common sense. This guy is supposedly more intelligent and experienced than I am but his latest statement on foreign investments make me think, "Can't we teach common sense in schools?"

Here's an excerpt from ABS-CBN news to the whole blunder committed by Davide:

MANILA - The provisions of the Constitution on foreign ownership should remain because amending it may lead to the Philippines being a "colony" of foreign investors, a former chief justice said Monday.

The Philippines has "one-fifth of the richest natural resources" and it was "designed that it should only be for Filipinos," said Hilario Davide Jr., a member of the commission that crafted the 1987 charter.

"If you remove the Filipino citizenship requirement in the exploitation of natural resources, on the acquisition of public lands, or even in mass media, in education, you remove the solemnity of nationalism," he told ANC's Headstart.

Davide said lawmakers should be guaranteed to be incorruptible because Congress can be prevailed upon by foreign interests in order to favor exploitation of the country's natural resources.

"One country may have businessmen so strong because they have the money. If you are in Congress, there might be a temptation to agree to certain propositions, to reduce the limit, for instance, of Filipino participation and increase the participation of foreigners," he said.

"In the end, we will become a colony of businessmen of other countries," he added.

Davide said the 60-40 foreign equity ratio should stay also because the Philippine population is growing annually and they should have food security.

"What will you feed the people afterwards if all our assets here, natural assets, would be [granted] to foreign investors?...Congress should stick to it [60-40] and fully implement the same," he said.

The Constitution restricts ownership of certain areas of investments to firms with at least 60-percent Filipino capital.

The restriction also covers exploration, development, and utilization of natural resources through co-production, joint venture, or production-sharing agreements with Filipino citizens, or corporations or associations.

This is the problem of Davide right now. He's not using his common sense. He now warns that getting rid of the 60-40 rule would turn the Philippines into a colony. But it's time to tell him this truth he needs to hear -- foreign investors are not foreign invaders! Where in the world does he get the idea that foreign investors are foreign invaders? This also makes me assume that he may also think that sending Filipinos abroad means they're conquering the world. Is it me or is he getting senile and he should just retire?

Become a colony of foreign businessmen? He should try and look at the first world countries. Did those countries lose their sovereignty? No. He's confusing sovereignty and property ownership. It doesn't matter how much foreign investors may own from 50% or even 100%. They are still subjected to Filipino laws. Doing business in the Philippines regardless how much capital you own means you are still subjected to Filipino laws. Foreign investors are still required to respect the sovereignty of the Philippines and follow its laws even of 60-40 is repealed.

I suggest that Davide should study the economic policies of first world countries. He should try looking at first world countries where foreign investment is booming. Did these countries lose their sovereignty? Once again he's now confusing everything whether it's feudalism with federalism and the latest one which is sovereignty and property ownership.

Really, how much of a clown has he become now with his lack of knowledge in basic economics?