Lawmakers should focus on implementing the three recently passed bills that seek to liberalize foreign investments before holding a Constituent Assembly (Con-Ass), former Economic Planning Secretary Ernesto Pernia said Thursday.

During a Senate hearing, Pernia said lawmakers should concentrate on making the implementing rules and regulations (IRR) of the Public Service Act, Foreign Investment Act, and Retail Liberalization Act which were passed in the 18th Congress.

“We should implement them immediately. We should have a sense of urgency because we are being left behind. Given our budget constraint, and everybody knows about our P13 trillion debt,” Pernia told the senators.

“So there is really a time constraint and a budget constraint that we have to deal with. So I would suggest that we have to attend to these three bills that have already been passed in Congress but we lack the push and implementation,” he added.

Pernia also said the Regional Comprehensive Economic Partnership (RCEP) should also be implemented immediately because the Philippines would benefit greatly from countries who are part of the trade agreement.

“We should prioritize those first, and then, I think maybe, we can postpone the con-ass later. Let us prioritize the four provisions for the economy and let’s see what happens. And if that’s not enough, let’s go to con-ass,” he said.

He also expressed his opposition to holding a Constitutional Convention because it would be “too expensive” and “time-consuming

The Banko Sentral ng Pilipinas (BSP), represented by Deputy Director Sittie Butocan expressed support for amending the economic provisions of the 1987 Constitution saying that it would support sustainable economic growth and the creation of more jobs. Jaspearl Tan/DMS