PRESS STATEMENT

Makati Business Club Position on Charter Change

16 August 1999 - We wish to clarify that the Makati Business Club at this time is neither for nor against amendments to the Constitution. The MBC position is to await the recommendations of the Preparatory Commission on Constitutional Reforms chaired by former Supreme Court Chief Justice Andres Narvasa. This Commission has until 31 December 1999 to complete its work.

It is our understanding that any changes in the Constitution should be exclusively focused on economic reforms. In the meantime, as the Preparatory Commission is engaged in its work, we urge Congress to act upon the priority economic reforms of the President such as the passage of the Retail Trade Act, the amendment of the Condominium Act to allow its horizontal application within industrial estates, the Omnibus Electricity Act, and other legislation designed to encourage and allow more foreign investments and the creation of jobs in the Philippines. These and other economic reforms which may be acted upon through the legislative process should now be given priority in Congress.