SEOUL, South Korea, (PNA) — Benigno S. Aquino III on Friday maintained that his administration is “not looking at revising the Constitution” to allow foreigners to own land in the Philippines.
President Aquino made the statement during the luncheon with the Korean business community held at the Grand Hyatt Hotel in Seoul with some 200 Korean top level executives.
“Currently, we’re not looking at revising the Constitution,” he told Korean businessmen, citing China as an example of a country that does not allow foreigners from owning land and yet performing well in terms of growth.
“China is considered one of the most consistent in terms of growth for the past decade, and I understand in China, you are not allowed to own a land,” the President said.
“So, that doesn’t seem to be a hindrance towards profitability and growth for any corporation,” President Aquino further said.
The prohibition on foreigners owning land in the Philippines is embodied in the Philippine Constitution.