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Cha-Cha 'not magic solution' to economic woes -Sen. Nancy

PHILIPPINES, February 11 - Press Release
February 11, 2024

Public warned of drawbacks to amendments
CHA-CHA 'NOT MAGIC SOLUTION' TO ECONOMIC WOES -SEN. NANCY
...says proponents are selling false hopes to people

Sen. Nancy Binay said on Saturday that the proposed amendments to the economic provisions of the 1987 Constitution are "not a magic solution" to the problems confronting the Philippine economy and every struggling Filipino citizen.

In a radio interview, Binay questioned whether the proposed amendments would genuinely lead to lower prices of basic commodities.

"Hindi ito magic solution na kapag napasa, mawawala na lahat ng problema natin o okay na ang ekonomiya ng ating bansa. And I think baka kailangan namin din, isa yan sa kailangang ibahagi din sa mga kababayan na kumbaga hindi lang ito ang solusyon," Binay pointed out.

According to her, the number one concern of Filipinos today based on various surveys is the steep prices of basic goods that is why it is important to manage the expectation of the people as discussions are underway to change the Charter.

She added: "And then 'di ba, parang kasi dito sa gagawin naming proseso, baka din false hope sa ating mga kababayan na kumbaga kapag binoto nila ito sa plebisito, after one month okay na, bababa na ang presyo ng bigas, or bababa na ang presyo ng krudo, or maaayos na ang problema natin sa kuryente. Pero hindi ganun ang mangyayari."

She urged the public to be aware that amending the economic provisions is not the sole solution to the challenges faced by the country.

The Senate, through a subcommittee headed by Senator Sonny Angara, has begun deliberations on Resolution of Both Houses No. 6, which seeks to amend three constitutional economic provisions related to public service, education and advertising.

During its first hearing, the subcommittee invited resource persons representing both proponents and opponents of amending the 37-year-old Charter. It intends to continue engaging stakeholders from both sides to ensure that the public is well-informed about the potential benefits and drawbacks of the proposed amendments.

Binay stressed the importance of considering various factors and comprehensive solutions to address the country's economic issues.

She urged her fellow lawmakers and the public to carefully listen to all perspectives before making any decisions regarding the proposed constitutional amendments.

"As of the moment, para sa akin kasi, pakinggan muna natin lahat bago ako magde-desisyon. But so far, base sa unang hearing, parang mas marami kaming naging resource persons na mas mabigat ang hindi muna napapanahon ang pagpalit ng ating Konstitusyon," Binay remarked.

Insights from experts showed that solving the problems of Filipinos involves tackling many factors and taking different actions, a view Binay agreed with.

Binay pointed out the recurring issue of inconsistent electricity policies in the country, citing it as an example of a systemic challenge that needs to be addressed through legislation.

Binay highlighted the lack of consistency in policies whenever there is a change in administration, likening it to changing the rules in the middle of a game for business owners.

She questioned the feasibility of investing in a country where policies can change every six years.

Addressing the issue, Binay emphasized the importance of enacting laws to provide stability and predictability in the energy sector, ensuring a conducive environment for businesses to thrive.