Vice President Jejomar Binay said he will amend the Constitution of the Philippines to grain greater ownership of those setting up businesses in the country.
This was just one plan by Binay to create jobs, spur economic growth and also one of his seeded plans to win next year’s presidential elections.
Binay, a former human rights lawyer, is the oldest and most experienced politician among the presidential candidates running in 2016.
The Vice President and his family have ruled a dynasty in Manila’s financial district for nearly three decades, with no signs of it slowing down.
Binay said: “We have to revisit our Constitution, among other things,” referring to the 40 per cent ownership limits on foreign control of most businesses within the Philippines – Binay said “We have to get out of that 60/40 arrangement.”
He also said he supports cutting income and corporate taxes that currently rank among some of the highest in Southeast Asia.
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