Angara favors 51% foreign ownership.
Senator Sonny Angara is batting for a majority 51 percent foreign ownership in most industries and extending the 25-year land leasehold term, but not outright 100 percent land ownership by foreigners.
Angara, who is chairman of the Senate committee on ways and means, told reporters after a speech before the General Membership Meeting of the Makati Business Club that he is amenable to "very precise and clinical reforms" in the economic provisions of the Constitution.
These very precise and clinical reforms include the extension of the current land leasehold of 25 years to a longer period, increase the 40 percent maximum foreign ownership to a simple majority of 51 percent to most industries, but not full foreign land ownership.
Angara also called for allowing foreign investors a simple majority ownership of 51 percent from the current maximum of 40 percent in most industries, except those involving natio al security issues.
This means more mining and utilities industries would be opened for majority foreign ownership. "Prices of utilities might even go down if we allow foreign investors in these industries," he said. But Angara stressed he is against outright free alienation of land because that idea alone is difficult to sell to people. (Bernie Magkilat)