Foreigners are asked to build factories on land they can't own. By law, only Filipinos can own media outlets. In many other businesses, including mining and fishing, foreigners are limited to a 40 percent share. Foreign managers are barred from executive positions. The charter was written in 1987 by a crew handpicked by then President Corazon Aquino, whose administration was notable for its incompetence and envy-driven populism.
Opinion polls show oposition to foreign land ownership running at eight or nine to one.
Anti-amendment forces held a mass protest rally in Manila on August 20, led by Aquino and Sin, and are planning another for September 21st. Like the Gipper fighting for tax reform and regulatory relief in the 1980s, Estrada has thrown down the gauntlet. He'll need every ounce of machismo developed in these roles to defeat those who think stagnation is a blessing. JWR contributing columnist Don Feder can be reached by clicking here.