"The Philippines needs capital to propel the economy and attract foreign investments to come in. But why are we limiting investments on critical industries related to public utilities, education, and land ownership?" asked Lorenzana.

According to Lorenzana, investors are after the bottom-line, meaning good facilities, a highly-educated and skilled labor force, sound policies and good governance, and yet anti-Charter change proponents are not keen on liberalizing the economy to attract overseas investments.

"It’s a chicken-and-egg problem. Infrastructures are scarce and labor skills are low precisely because we lack the capital to pump prime our industries, and yet, despite of the lack of capital for infrastructure, there are quarters who want to limit the entry of foreign investments for some selfish reasons," Lorenzana said.

He noted that the government and the local private sector does not have enough savings to invest or pump prime local industries that is why it needs the participation of other foreign players.

"This is why we are working so hard to have the reforms in the Constitution because our Charter delimits the infusion of foreign investments. We have poor infrastructures simply because the Constitution limits foreign participation only to 40 percent," Lorenzana explained, noting that the shrinking foreign direct investments are not caused by faulty economic policies but rather as a result of several Charter restrictions.