Legal

1. Explain the Filipino First Policy as enshrined in the 1987 Philippine Constitution. How may it benefit local entrepreneurs? Does it necessarily retard or curtail global competitiveness?

The Filipino First Policy simply means that Filipinos are preferred than foreigners. Filipinos have more privileges over a foreigner, from economic household to acquiring a business.

When in comes to corporations or associations, Foreigners cannot acquire more than what a capable Filipino can acquire (60 - 40 rule). In some industries such as telecoms, broadcasting / media and utilities, investment and acquisition for foreigners is not possible.

The Filipino First Policy is beneficial since it paves way for Filipinos to advance on their own, thus making them masters in their homes, associations, organizations and their government. Through this policy, Filipinos are given more opportunity to be as successful as the foreigners do. They will be able to use our own vast and rich resources to catch up with other nations.

In my stand, the Filipino first policy curtails global competitiveness. The idea of Filipino First Policy is great but in reality it is somewhat outdated. Our country is being left behind in many economical aspects. The 60/40 equity restrictions almost covers the economic sectors in our country like mining, oil and gas extraction, agriculture, forestry, public utilities, transportation, education, construction and many others. These sectors have been deteriorating its services every year and its technology is getting outdated because of lack of foreign capital inflows in our economy as a result of the economic provisions stipulated in our constitution.

If we have to compete against foreigners, we tend to be very vigilant all the time due to the stiff competition as opposed to being relaxed when competing with fellow Filipinos. If we don’t have foreigners in our country, we miss the opportunity of technology and expertise transfer....