CONSTITUTIONAL amendments that improve the investment climate will have a positive impact on Philippine economic growth, Fitch Solutions said in a new report.
'While it is still early days in the process, any pro-business changes to the Philippine's business environment would pose upside risks to our long-term growth forecast for the Philippines and in particular to investment,' the Fitch unit said in a commentary released on Tuesday.It noted that the removal of foreign direct investment restrictions, in particular, could lead to overall investments picking up in the coming years.
'The investment environment in the Philippines for foreigners has historically been challenging due to restrictive rules,' it pointed out.Among others, the 1987 Constitution limits foreign ownership in certain businesses to 40 percent.
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