It's Excessive Foreign Restrictions, NOT ABiaS-CBN's Franchise Cancellation, That'll Scare Off Foreign Investors

This is what I'd call a DUMB editorial from BusinessMirror. For one, is ABiaS-CBN really shut down or is it just the FRANCHISE that's done for? Not to mention, the ABiaS-CBN gathering yesterday was really (NOT surprisingly) backed up by communist groups again. Sarah Elago of Kayabangan Partylist was there yet again. Worse, a lot of people who criticized Debold Sinas' uncalled for birthday party violated protocol with yesterday's MASS GATHERING. After the Congress had DENIED ABiaS-CBN's FRANCHISE renewal (not their business permit) - some people fear that ABiaS-CBN's shutdown will scare off foreign direct investments (FDI) from the Philippines. Wait, wut? Wasn't ABiaS-CBN against constitutional reform to start with, hence leading to them shooting themselves AT THE FOOT?

You want to know the MUCH BIGGER PROBLEM? It's Article XII of the "best constitution in the world" which restricts a LOT of foreign investments. The practice was first endorsed by Carlos Pasaway Garcia, further enforced by the Marcos Years, and still practiced until today except with some special exemptions from certain industries. Fortunately, some few hands here and there from Fidel V. Ramos up to Noynoy Aquino actually eased certain sectors. However, some sectors still continue to remain under the tyrannical rule of the negative list.

Common sense question is if you'd rent a space if the lessor will only let you own 40% of your business. It doesn't matter who the president is if the same law still remains. The rules of leasing commercial spaces are followed by a contract. The basis of letting a tenant enrich himself or herself in one's space depends on conditions like abiding by rules and paying rent properly. However, NOWHERE in the contract does it say that the tenant must get 60% of the earnings of the tenant. The only income the lessor gets from the tenant is NOT 60% of the earnings but the MONTHY RENTAL. Even if 60-40 were removed but FDIs are required to pay all the taxes such as Value Added Tax (whenever applicable), quarterly income tax, withholding tax, and annual income tax. FDIs that fail to pay their taxes are shut down and DEPORTED. 

ABiaS-CBN has been defending the 1987 Constitution for so long. Remember what they did with not one but TWO anti-constitutional reform rallies that they participated in? First was during Fidel V. Ramos' time. The second was during Gloria Macapagal-Arroyo's time. I may dislike Gloria but it doesn't mean I oppose her move for constitutional reform. Opening up the economy is more important. It baffles me how some ABiaS-CBN apologists can even talk about scaring off foreign investments if they are adherents of NEVER amending the "sacred" 1987 Constitution. I wonder how would those guys want to rent a space from ANY PLACE like a commercial building or a shopping mall and the landlord only lets them own 40% of their business. Neither do the Ayalas, the Gokongweis, and the family of Henry Sy require tenants to give 60% of their income. The only thing malls require from its tenants is to PAY rent properly to their owners.

Again, ABiaS-CBN is NOT shut down as a company. It's still able to operate on Cable TV and on the Internet. Just that, ABiaS-CBN will have to rely on paid frequency now. Franchise violations were already there. In fact, the Dutertards should also thank Noynoy for what happened. It's not an issue of press freedom. ABiaS-CBN still exists as a registered company. The problem is it's not thinking outside the shiny black box. ABiaS-CBN is still ABLE to operate. Karen Devila can still appear on Cable TV for all she cares and as the law permits. Again, ABiaS-CBN News is still available ONLINE. ANC is still available on Cable TV. It's just that their franchise is gone due to violations. Just that the very constitution boomeranged on their faces. If ABiaS-CBN was supportive of reforms years ago then I don't think they would be in this situation now. 

Do FDIs really even care about ABiaS-CBN as a condition to their investment? Just remember that Deng Xiaoping was also a communist in name only though I'd call him a dictatorial capitalist. Deng did have massive censorship such as that Teresa Teng's songs were still banned at that time due to animosity with Taiwan. Yet, Deng's invitation to FDIs in China was a success that turned the Chinese Communist Party a force to be reckoned with. Vietnam may still be a dictatorship yet some FDIs have flown from China to that country. ABiaS-CBN should really stop their whining and start supporting constitutional reform WITH OR WITHOUT a franchise. They need to stop with their blind admiration of the 1987 Constitution. Even Richard Heydarian who is against reforms says that there's the need for critical-thinking people. Hopefully, Heydarian will see the error of his ways that shift to parliamentary is needed. Some Anti-Duterte are now seeing the need for constitutional reform. 

What FDIs want is that they get their opportunity to invest with REASONABLE restrictions. One rule is that FDIs can invest beyond 40% or that they can have equal footing with a Filipino partner or not need a Filipino partner to do business. They don't need to buy land (and I'm still in favor of NOT selling land to foreigners) because some landowners don't want to sell the land even to locals. It's all about giving proper provisions, not the fate of the franchise of ABiaS-CBN, that will ultimately determine FDIs whether or not they will invest in the Philippines.