MANILA, Philippines — Senate President Juan Ponce Enrile Saturday asked President Benigno S. Aquino III to have a dialogue with the business community and review the long-standing economic policies in the wake of the recent Supreme Court ruling on foreign ownership in corporations.

As the President is scheduled to deliver his State-of-the-Nation Address (SoNA) Monday afternoon when the Senate and the House of Representatives meet in joint session to open the second regular session of the 15th Congress at the Batasang Pambasa complex in Quezon City, Enrile also stressed the need for Congress to review the constitutional provision on 60-40 Filipino-foreign ownership. The SC had ruled that the 60-40 percent ownership covers only common or voting shares.

The 60-40 ownership means that Filipinos should own 60 percent in joint venture or corporate agreements with foreigners who should hold the minority 40 percent.

The reality, however, is that Filipinos do not normally have the financial backbone to carry a corporate agreement.

Enrile had earlier told Senate reporters that he and House Speaker Feliciano “Sonny” Belmonte are in agreement that there is a need to amend the 1987 Constitution, particularly its “stifling” economic provisions.

Nationalists have been objecting to any amendment of the 60-40 percent arrangement.

“Addressing these major concerns about the country’s investment climate should be high in the President’s legislative agenda because these are crucial to the future of this country,” he said.

The President, therefore, should have an open dialogue with the business community to know their sentiments, he pointed out.

“We need to get real about our economic policies. After so many years, it is already quite clear that we are lagging behind our neighbors because our investment policies are out of tune with the realities of the global economy,” Enrile said.

“For years, we have been saddled by the image that the Philippines is a poor place to do business. The President is working to change that perception. But we need to do more,” he added. Enrile lamented that foreign investments are down by 15 percent this year, while the country’s Asian neighbors are doing well.

In fact, he noted, even Vietnam has overtaken the Philippines in terms of economic growth. 

 “Vietnam was devastated by war in the 1950s to the 1970s. Today, Vietnam is growing rapidly. In 2010, it got $7.6 billion in foreign direct investments – over three times the amount that went to the Philippines,” Enrile said.

 “We need to reverse this situation and change people’s perceptions about the Philippines. We need to send a message to the world – and to ourselves – that we are serious about doing business and generating growth in our economy and creating jobs and livelihood for our people,” he said.

Last week, the Joint Foreign Chambers of the Philippines (JFCP) expressed concern about the “slow arrival” of foreign investments in the country.

 They urged government to review the limits on foreign ownership and improve the business climate by promoting greater stability and consistency in government policies.

Enrile said that improving the country’s business climate was not just the concern of business.

“All of us have a stake in this. We need more investments – local and foreign – to generate growth and create jobs for our people,” he said.

 “We cannot keep relying on overseas employment to power our economy. The economic crisis that has hit many parts of the world, including countries where Filipinos find work, is a wake-up call for us. We need to step up our efforts to create jobs here in the Philippines; otherwise, we will be caught unprepared,” Enrile stressed.

Responding to questions about the status of the acquisition by the Philippine Long Distance Telephone Co. (PLDT) of the Gokongwei-owned Digitel, Enrile said the “ball is in the court” of the regulators, specifically the National Telecommunications Commission (NTC).