|This guy thinks protectionism is so good|
Now for the reasons:
1.) The 40% or less only ownership for foreign investors discourages entry. It's a very self-serving just protect your own country's interest. Any foreign investor would take a fair share of 50/50 or have a higher share in a joint venture but definitely not anything that rules against his favor. China's economy opened up saved it from the dirt-driven poverty it suffered during Mao Zedong's regime. Whoever says the Philippines is blessed with 60/40 is absolutely stupid and has no idea of what the Philippines is really going through. He should then move to North Korea to experience the real nature of protectionism.
2.) It protects the tyrannical oligarchy. The 1987 Con-job-stitution did nothing to actually get rid of cronyism in the government. The late Ferdinand Macoy started the oligarchy, the late Cory ended up continuing it. Obviously Cory failed to realize the painful consequences of the oligarchy and now President Nobita still continues it. It's been a legacy of failure from Macoy to Nobita. Oligarchs are a few number of people who provide the needs but restrict the supply, hence increasing prices. Muralco deserves its dirty finger for its unjust policies. Phone companies like Globe and Dumb have data caps in the name of fair use but it's really unfair use. Besides, oligarchies are dangerous oppressors. By having the 60/40, it also prevents any fair competition hence promoting the oligarchs' abusive behavior towards clients who needs them. This in turn makes many basic needs like electricity, network connection (especially for businesses), food and water a luxury than a need.
3.) Job provisions are restricted forcing many Filipinos to either migrate or seek jobs abroad. Why has the number of OFWs ended up increasing even after the 20 years of Macoy dictatorship? It's because of the oligarchy that was never abolished. Macoy cronies still rule the Philippines even if Bongbong Macoy is not president. Why are Filipinos moving around the world? Was it because of what Pinoy pridists say, "We Pelepenos are taking over da world" or something else. Looking at why there are so many Chinese around the world as migrants, the migration happened because China was a collapsing economy thanks to Maoist economic policies of protectionism. No wonder Chinese here and Chinese there, now it's Filipino here and Filipino there thanks to craptastic economic policies. OFW families tend to be torn apart which is a bad thing. Plus, many OFW beneficiaries have no idea of the pain OFWs undergo. Some OFWs are even very spendthrift with their salaries hence not really improving their welfare.
4.) It promotes the culture of mediocrity. If President Nobita's band isn't called No Direction, it's called Wrong Direction. If it has one direction, it's towards decline and the wrong direction. The culture of mediocrity is always, "That will do." even when decline is evident. A lack of competition is just as dangerous as too much competition. Singapore may only have a new Internet service providers but they certainly do well. China started raising its production standards and it has become an awakened dragon. But what about the third world countries? They are obviously, "You are still alive, that will do." and never seeking to improve conditions.
5.) It promotes political dynasties. As long as there are greedy oligarchs to manipulate votes, the political dynasties will never die. In India for example, the Gandhis weren't exactly a good bunch (not the same family tree as Mahatma Gandhi). You have Nehru Gandhi, Indira Gandhi and then Sonia Gandhi. In the Philippines, they have the Aquino dynatsy, the Estrada dynasty, the Macoy dynasty... and if Bongbong can play his cards right, he can reestablish his father's empire this 2016 which is already worse than President Nobita's pea-brained regime.
So really still blessed with protectionism?