Invite Foreign Companies To Transfer To The Philippines By REMOVING Economic Protectionism

I don't know if Filipinos should still endure Franklin Drilon or not. On one hand, Drilon is actually suggesting something that could save the Philippine economy. His challenge to the DTI should not be dismissed because he said it. Here are words of Drilon that can't be ignored:

"The reality is, we need investments more than ever for our economy to recover from this COVID-19 disease and to provide jobs and livelihood opportunities to Filipinos who lost jobs due to the pandemic." 

"Tell us the stumbling blocks we are facing here and if concerns legislation, Congress will fix it,"

Okay, Drilon has a point but there's one thing that he needs to consider. Being a lawmaker, he should see the flaws in the 1987 Constitution already. Once you consider it - the 1987 Constitution is OPEN for amendment according to Article XVII. I wonder if Hilario Davide himself even realized that the constitution he claims to be the "best in the world" is actually open for amendments? He himself has now admitted that there are stumbling blocks. As an opposition politician - shouldn't it be his job to find the stumbling blocks and offer alternatives?

Drilon may be apparently against charter change (that is from presidential-unitary to parliamentary-federal) while it seems he's starting to see the need for investments. Whether he wants to admit it or not but even Noynoy Aquino was easing restrictions. If there's any reason why Noynoy did something economically even with his failures - it has something to do with 29 economic reforms though it'd be better if protectionism were gone as a whole.

What stumbling blocks do Drilon need to take note off and that the Congress needs to fix ASAP? We should really remove the negative list entirely. An example I can name is to change the 60-40 restrictions (and above) by removing them entirely. Instead, foreigners will have the option to own 100% in terms of business ownership or to get a Filipino partner. The foreigner may have at least 50% ownership or higher depending on the agreement with the Filipino partner. The whole 60-40 needs to be repealed away as part of an important amendment for more investments.