BY JOCELYN MONTEMAYOR

PRESIDENT Arroyo yesterday made a pitch for the amendment of the Constitution particularly on provisions that would help sustain economic gains and help insulate the economy from global financial troubles.

Arroyo, during the Business Roundtable with the Government of the Republic of the Philippines at the Dusit Thani Hotel in Makati City, said, "We have done all the liberalization we can do within the law, so now the next liberalization has to be through the Constitution and there are now initiatives in Congress to liberalize the economic provisions… these are mostly the 60-40 restriction." Arroyo referred to the provisions barring foreigners from having majority ownership of a property.

Arroyo reiterated the need to continue to strengthen the economy ash she said despite the unprecedented $700 billion bailout package, "the markets barely reacted."

"The US financial crisis appears deeper than most anticipated …The setback from the past year and the past weeks are real and profound. It will take time and perseverance to put the pieces back together," she said.

She added the Philippines is in relatively good shape as it continues to post growth, its inflation rate starts to drop, investments continue to come in and more jobs are being created, the rice self-sufficiency and energy independence programs are starting, and the government continues to provide and invest heavily on infrastructure and agriculture.

She said these were all possible after the government made painful decisions that include tax increases, banking reforms, crackdown on smugglers and anti-corruption efforts.

The President said to sustain the economic stability, the government should continue developing the strong sectors like business process outsourcing and tourism and develop efficient access to financing to attract more investors.

She said the government also needs to create new markets outside the US and strengthen its trade relations within the Asian region including the Middle East, as well as proceed with privatization efforts.

She said the country also needs to continue to working towards generating more revenues which is why, she said, she has ordered Finance Secretary Margarito Teves to draw up a "program for revenues" which he would present to Congress on his return from the United States.

Arroyo said she is not sure if the program would include increasing the corporate tax or impose taxes on text messages.

Sen. Mar Roxas called on the government to act now to prevent anticipated mass layoffs of Filipinos both here and abroad as a result of the global financial crisis.

"With the extent of the crisis in the United States, it is sure that our OFWs, exporting industries and even our call centers will be affected. The only question is – how do we avoid the worst effects of this?" Roxas said.