The Consultative Committee (Con-com) said the\u00a0Philippine economy won\u2019t drain once it shifts to a federal system as such transition can even lead to \u201cgreater growth.\u201d<\/p>\n
This statement came in response to Socioeconomic Planning Secretary Ernesto Pernia, who said that federalism will \u201cwreak havoc\u201d and \u201cdowngrade ratings\u201d in the fiscal matters of the country.<\/p>\n
Con-com spokesman Ding Generoso said in a statement that, \u201cThe shift to a federal system of government won\u2019t cause disruption in the nation\u2019s economy but, in fact, lead to greater and a more balanced growth over the medium and long-term after the system is put in place.\u201d<\/p>\n
If the Charter change gets the approval of the Filipinos and after it gets ratified \u201ceverything remains as they are\u201d he said, adding that the \u201cGovernment and all agencies will operate as usual, businesses will operate as usual, the economy will operate and move as usual.\u201d<\/p>\n
Generoso said that \u201cit\u2019s not like the shift will happen immediately upon ratification of the proposed Constitution\u201d that is why \u201cthere is no basis for fear that it will \u2018wreak havoc\u2019 because the transition will be made smooth, orderly, effective, and efficient.\u201d<\/p>\n
And once the system becomes fully operational, \u201cthe regions will be fully-equipped to function as constituent units of the Federal Republic\u2014politically, administratively, and most of all economically,\u201d Generoso said.<\/p>\n
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