Fears of slowing global growth and how it will affect commodities have caused many investors to dig their heels in the ground and resist owning natural resources.

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About 60 percent of leaders agreed that owning IT infrastructure wasted resources, compared to just 38 percent two years earlier.

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In a televised address, he said he would not pursue the constitutional changes that would have removed restrictions on foreigners owning more than 40% of companies involved in natural resources, utilities or the media.

ECONOMIST: The Philippines