Marcos Administration determined to achieve upper middle-class status for Philippines by 2025

Marcos Administration determined to achieve upper middle-class status for Philippines by 2025

THE Marcos Administration is determined in its ambition to elevate the Philippines to upper-middle-class status by 2025.

President Ferdinand R. Marcos Jr. emphasized the continuous efforts of his administration to attract foreign investments to the country.

But, existing laws hinder the strengthening of foreign investments, limiting the economic potential and global competitiveness of the Philippines, according to the president.

He also stressed that amending the economic provisions of the Constitution will help achieve this goal.

“Many sectors of society, particularly business, have pointed to certain economic provisions in the Constitution that inhibit our growth momentum,” according to President Ferdinand R. Marcos Jr.

President Marcos also mentioned that there are laws that prohibit certain foreign investments.

“Since the 8th Congress, there have been no less than 300 measures filed in the House of Representatives calling for the amendment of these economic provisions of our Constitution,” said President Marcos.

The President emphasized the importance of having an open discussion within the bicameral Congress on this matter, stating that it is part of the democratic process and serves as a check and balance.

 

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