House constitutional amendments panel senior vice chairperson Stella Quimbo said Friday that entry of foreign capital due to Charter change will not put the country at risk.
Quimbo, an economist, was responding to questions as to what will happen if Congress’ efforts for Charter change, which seeks to amend limits on foreign ownership of industries and businesses in the country as well as extend term limits for public officials, become successful and foreign capital suddenly comes rushing in.
“There is also an existing law which makes sure that foreign firms coming in here are not blacklisted or in the terrorist list. That is under Foreign Investment Act, which will safeguard our national security,” she added. “Hopefully, makapaglocate...dumami ang foreign firms na physically located sa ating bansa. In which case, hindi naman po puwede na dalhin nila lahat ng empleyado nila rito. Malamang ang dadalhin lang nila, top management,” she said.
But for House Deputy Minority Leader France Castro, allowing foreign capital in, including in the education and mass media sectors under the proposed Charter change, could also compromise Filipino culture and values.
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