It seems that formal political hostilities would start on July 27. If people think that these things would come to a definitive end after Mrs. Arroyo's SONA, they better prepare for a surprise.
Why?
This early, Nograles already gave us a sneak peek into what Congress would be discussing after the SONA. Nograles said, he'll be pushing for the passage of his baby, House Resolution 747. Unknown to many, this resolution aims to change one of the most contentious economic provision of the Constitution---on foreign ownership of land. Nograles thinks that even those in the opposition favor this amendment since this would lift the nationalist provision of the 1987 Constitution and opens all lands to
HR 747 is more dangerous than HR 1106 because it would provide two things for those big landlords out there---(1) an escape from the implementation of agrarian reform law and (2) a "big killing" opportunity for real estate developers. Nograles thinks that this law would help us but it's the other way around. Why?
The law would surely deprive us of the chance to enjoy the utilisation and exploitation of our own natural resources. In a fast globalizing world, land is one of the biggest capital and the most sought after commodity. The framers of our Constitution recognize the importance of protecting our natural resources from foreign exploitation. That's why they actually put that provision there in the first place. And here comes Nograles trying to pull a fast one with this.
Imagine the entire reclaimed area fronting Manila Bay under foreign ownership. You really can't call the New Nayong Pilipino, Filipino right, since that would probably be either American or Korean owned. How about those mineral rich mountains and valleys? How would you then exploit them when foreigners own them already? Or those rich oil fields in Mindanao? Or our gold mines?
The way to convince foreign investors to stay is simply give them the best reason to do so and it's through equal protection and application of laws. Give them better governance. Ease some restrictions in terms of business processes. But, giving them land? You wish. They'll not stay just because they own land. They'll stay because it's the best business decision for them to do so.
10:28 PM | 1
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