Second of a series on presidential candidates’ economic platforms

MANILA, Philippines – Presidential candidate Sen. Benigno “Noynoy” Aquino III is willing to amend provisions of the Constitution “if it is necessary.”

This was Aquino’s answer to a question on whether he will allow foreign ownership of Philippine land, media, education, services and practice of professions in the country at the Philippine Chamber of Commerce and Industry presidential forum on Tuesday.

Aquino said that if he wins as president, he “plans to set up a Commission to determine whether or not there is a need to amend the Constitutional provision to foreign ownership.”

He will not amend the Constitution to extend the president’s term, however.

Aquino said he is in favor of opening up educational institutions and the practice of professions to foreign ownership.

Run after plunderers

Aquino made his anti-corruption stance a cornerstone of his economic platform, which he discussed with the business community at the forum.

The Senator said he plans to scrap redundant projects from the national budget and make government procurement and bidding processes transparent, and run after smugglers, tax evaders and plunderers.

These measures will save the government billions of pesos that would have been funneled to corrupt businessmen and politicians.

He said the government will have enough funds to boost the economy if corruption is eradicated.

Here is a summary of Aquino’s answers to other economic issues raised at the forum:

Plans for sustainable job creation, retention and decent employment. There are a lot of potentials in this country and we have to exploit them. We have various items in agri-business like production of fruit juices and fruits we have not tapped. Educational system can be geared to jobs that have openings. Essentially, a government that is not corrupt will have the resources to open up various sectors in the country that are not being developed.

How to reduce hunger and alleviate poverty. There is a need for the state to remind parents to be responsible for bringing children into the world. They have to provide them with food, shelter and clothing. We empower them to access better, high-paying jobs. Having a population that lives on a hand-to-mouth basis cannot help grow our economy. A non-corrupt government will have the resources to empower the citizens.

Stand on taxes. There are programs in place already that increase tax efficiency. Aquino will raise taxes only as necessary and collect taxes that are present (in the books) already. Increasing taxes is like adding more water to a pail that has leakages. You have to stop the leakages first.

Stand on redundant or “irrelevant” agencies (like National Food Authority, Sugar Regulatory Administration and Laguna Lake Development Authority). Review all the expenditures of government and start from a clean slate. Currently reviewing NFA, if its benefits outweigh the billions spent on it. The LLDA seems to have more problems, same with the SRA.

How to balance low-power costs for consumers and profit for energy producers. There is a need to assure prospective investors that there is a chance to make profit here. Though, it is high time to re-visit the EPIRA law to see whether it is achieving its functions. Power prices have to be brought down to a reasonable level.

Stand on CARP. There should be a move from mere land distribution to helping farmers maximize their land by giving them financial help. Corruption diverts funds for this initiative elsewhere. But you have to distribute the land first before you come up with ancillary services.

On slapping back taxes (in the case of Pilipinas Shell). If people question the taxes put on them, that will motivate tax evaders. Taxation with due representation is fundamental.

How to promote mining and other industries that are “impeded by too many regulations.” Only if it is proven that it is beneficial to society and the fiscal incentive package is thoroughly reviewed.

How to help exporters who have been hit by the global economic crisis. The problem is high cost of electricity and the cost of production. Also, the education system should be geared towards industries where we have a competitive advantage (electronics and food processing). The global market is stabilizing, but we have to identify on boosting the areas where we have a significant advantage.

How to address smuggling. Political will is needed to punish smugglers and those who pirate goods.

How to address the gap between national savings, domestic investments and dollar investments vis-à-vis our dependence on OFW remittances. Perhaps we can think of bonds that have higher yield to encourage OFWs to save. Perhaps we should tap the financial sector to change the rules where we can get loans by the ability to pay rather than collateral, to encourage more investments and savings. Our objective is to make us less dependent on OFWs. Part of this is investing in a serious education program to empower the youth and increase their job options. Report by Kristine Servando, Newsbreak.