MANILA — Economist Winnie Monsod on Tuesday said that introducing economic amendments to the 1987 Constitution could serve as an opening for people in power to insert political provisions such as term limits.

Speaking to ANC, Monsod, a former socioeconomic planning secretary, said she was not convinced that economic amendments to the present charter would spell a difference.

She said proposed reforms by the Senate on foreign ownership in public utilities, advertising, and education would only have a "very small effect on the economy."

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"Do you think that opening the economy in those areas — which are quite sensitive — will matter at all to the economy? I don’t think so. I don’t believe so," she said.

 "All this, the political overtones of this, is that they want to get open that constitution. And not for the economic restriction, that is their Trojan horse, that is the thin edge of the wedge," Monsod also said.

President Ferdinand Marcos Jr. last week tempered critics' fears that political provisions — such as extending term limits — would be included in his administration's charter change push.

"I want to make it clear, this administration’s position in introducing reforms to our constitution extends to economic matters alone or those strategically aimed at boosting our country’s economy, nothing more," Marcos said.

House leaders on Monday also said they would limit amendments to the Constitution to its economic provisions following Marcos’ endorsement of economic cha-cha.

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'INSIGNIFICANT'

In the interview, Monsod cited studies by the state think tank Philippine Institute for Development Studies which showed that to successfully bring in foreign investments, "lifting of whatever restrictions" is not the answer.

Rather, she said, there should be good governance, and corruption reduction efforts, among others.

Monsod added that a 2021 study by the Central Bank research unit also suggested that "the overall foreign direct investment restrictiveness index is statistically insignificant for all investors when macroeconomic stability, governance, ease of doing business, and quality of infrastructure are accounted for."

"It’s an excellent study. Nobody is paying attention to it," she said.

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