If the Philippines puts its political house in order, the next real estate boom can happen in this country.

Overshadowed completely by the political component of the proposed Constitutional change are the economic reforms being proposed by the Constitutional Commission.

For instance, if the Philippines opens full ownership of land to foreigners, real estate experts forecast an inflow of P50 - P200 billion in foreign money to our shores to buy land.

Renowned architect Gilbert Yu dispelled fears of foreign domination of Philippine land since "land cannot be taken away. It remains in the country."

This new constitutional economic reform even makes the new Monetary-Board - Bangko Sentral ng Pilipinas scheme of converting idle bank foreclosed or ROPOA assets into joint venture schemes for business, all the more sensible. The land ownership liberalization definitely opens, in a major way, the market for real estate properties in the country to the moneyed, adventurous or retire-able foreigners.

The Economic Summit envisioned during the July TBTK should factor in this one consideration that can dramatically alter the real estate landscape.

The Americans are driven to warm climates like the Mexican Rivera across the Yankee border. The affluent, golf-playing Japanese and the hedonistic Taiwanese have been natural targets of the country due to their geographical proximity.

Now the billion Chinese of the Mainland are now looking at retirement havens and second homes in a country (like the Philippines) where their relatives had taken roots many decades ago.

Gilbert Yu believes with US$46,000 or P300,000 per year to spend, the retiree can live a splendid - not Hollywoodish, maybe - life in the Philippine islands like Bohol. And why not.

Food is cheap as seafood abounds in the island for the picking. There are many available house helps (maids, drivers, cooks, gardeners, etc.) and caregivers. While the sea is inviting and climate is warm, there are enough urban amenities like malls and supermarkets as well for them to remain citified in Bohol.

People speak passable English everywhere, medical facilities are available (sometimes, let's be honest) and the environment generally peaceful. We mean, would you rather stay in Panglao or in Jakarta where the latent terrorists work the streets daily or other Muslim influenced areas?

There is merit in the bankers alliance to split the investment portfolio in Bohol into (1) under one hectare (2) under 5 hectares and the (3) above 5 hectares category. And why not?

Except for an expansive golf course that demands a lot of land area, the lot packages in July need not be huge.

Retirement villages can be two hectares big. Call centers need a small space with vertical buildings creating multiplier effects. Entertainment areas for games and kiddie fun machines and rides do not need five hectares and certainly not ship building or repair facilities - for as long as the berthing character is suitable. And have you seen five-hectare resorts these days? Nada.

There is no need to convert agricultural lands to residential or commercial classification, either, because we do need investments in large scale plantation with foreign capital. All GMA and her economic Wise Men should do is make good their promise to one day make agricultural land available for bank collateral.

When will that "one day" happen?

With all these noise from political acrobats and clowns drowning logic and reason - why don't we instead just engage this present Congress, in the meantime, to move for legislation that will affect our economics?

Like amend that portion allowing foreign ownership of Philippine land and have it ratified by the people. That might create a spark so genuine progress compared to the fight between the "Cha Cha Train" of JDV for Prime Minister and the valid fears of the Opposition that the Charter Change is only meant to prolong GMA's stay and sweep the corruption under the tracks.

Pun intended, as you can see.