SENATE PRESIDENT Juan Ponce Enrile and House Speaker Feliciano Belmonte make it clear that the amendment they are working at doing in the Philippine Constitution will not be doing away with the 40/60 ownership ratio that must be guaranteed for ownership of properties by foreign entities in the country in order to make the law of the land "flexible" to changing business environment. The First Amendment will involve making it possible for the Congress to change the ratio when "warranted." Just what conditions that warrants increasing the foreign ownership ratio in order to be flexible? This opening can end up giving foreigners 90/10 over Philippine properties.
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