Youth solon to House: Don’t ‘kill’ Philippine economy with ChaCha

IN light of House talks to introduce economic amendments in the constitution, Kabataan Party-list Rep. Raymond “Mong” Palatino today said that “further allow(ing) foreign ownership and control of the country’s natural resources and social services like education will only kill the gasping Philippine economy.”

“Years of economic liberalization have only worsened not just the Philippine economy but also that of other developing countries. The plan

to further allow foreign ownership and control of the country’s natural resources and social services like education will only kill the gasping Philippine economy,” Palatino said.

With regard to foreign ownership and control of natural resources, Palatino said that “as it is, foreign companies are exploiting our rich natural resources to the detriment of our people. Large-scale mining and

other forms of massive environmental degradation  have only left us poorer and with fewer natural resources to  provide for the needs of our nation.”

Palatino also said that opening up our tertiary education institutions to foreign investments will only make the former vulnerable to “rabid commercialization schemes that will lead to higher cost of tuition and other fees.”

Palatino explain that even in the 1987 constitution, the Philippine is only minimally protected from the damaging effects of foreign intervention in the country’s politics and economy. He said that lawmakers should instead “strengthen whatever little nationalism is left in our laws including the constitution”

Palatino furthered that the Philippines is poor not because of the lack of foreign investments but of “genuine nationalist policy-making that should

push for industrialization, building of infrastructures, sufficient government-spending for social services, among others.”

Palatino warned that the pursuing the plan to allow up to 100% foreign ownership of the country’s natural resources and institutions will spark massive protests from various sectors including the youth.

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