HR737
The Devil has many faces
one them is being the author of HR737
'Prospero C. Nograles'
HR737
This is economically destructive because removing the Constitutional restriction on ownership of land by aliens effectively gives foreign investors full authority to exploit and profit from the country’s land and land-based resources. This is particularly unjust with more than half of Filipino peasants still not even owning the land they till. Moreover, the country’s resources should principally be used for the benefit of Filipinos, and not foreigners who have no stake in real domestic development.
Allowing foreign ownership of land goes against national interest. Taken with the short-sighted and self-serving profit interests of foreign investors, this would likely mean the environmentally unsustainable use of land and resources. As the country’s historical experience have shown, mineral, forestry and fishery resources have been exploited with scant benefits for the domestic economy. Having foreigners come in with their capital and financing will also unnecessarily drive up domestic agricultural, housing and commercial land prices.
Foreign land ownership in itself is neither necessary nor sufficient, while also raising the danger of land speculation and greater foreign control of the domestic economy.
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