MANILA—PDP-LABAN standard bearer and Davao City Mayor Rodrigo Duterte said he is open to “toning down” the Constitution to accommodate foreigners interested to own and establish businesses in the Philippines.
“I will open the economy to foreigners,” he said shortly after his appearance at the presidential dialogues hosted by the Makati Business Club and the Management Association of the Philippines.
In February, Duterte said he is “comfortable” with up to 70 percent foreign ownership.
The Constitution only allows 40 percent ownership for foreigners.
However, Duterte said he will let Congress decide on which industries will be opened for foreigners.
“I will tone down the Constitution for foreigners, but I will leave it to Congress to decide,” he added.
The PDP-LABAN standard bearer, however, clarified that he opposes foreigners’ ownership of lands in the Philippines.
Earlier, Duterte said he doesn’t have problems with leasing our lands to foreigners.
He reiterated this position Wednesday, saying lands can be leased out up to 60 years.
Duterte, who is running under an anti-corruption and anti-criminality agenda, said he will consult his financial and foreign relations managers regarding this matter.