House okays proposed economic Charter amendments on final reading
With a vote of 288 in favor and eight against and two abstentions, the House of Representatives on Wednesday approved on third and final reading the proposed amendments to the Constitution’s restrictive economic provisions a few days before it goes on its one-month Holy Week break on March 23.
The amendment proposals are contained in Resolution of Both Houses (RBH) No. 7 authored principally by Speaker Ferdinand Martin Romualdez, Senior Deputy Speaker and Pampanga 3rd District Rep. Aurelio Gonzales Jr., Deputy Speaker and Quezon Rep. David Suarez, Majority Leader Manuel Jose Dalipe, Senior Deputy Majority Leader and Ilocos Norte Rep. Ferdinand Alexander Marcos, and other House leaders.
Romualdez reiterated that the proposed economic amendments to the Constitution are the “last piece in the puzzle of investment measures” the administration of President Ferdinand Marcos Jr. has been taking “to sustain our economic growth, create more job and income opportunities, and in general, make life better for Filipinos.”
“These changes, if ratified by our people in a plebiscite, will greatly boost these measures, including our President’s investment missions abroad which have generated actual investments and pledges in the billions of dollars and created thousands of jobs,” he said.
The approval by Congress and by the people of the proposed amendments “will send a powerful message to foreign investors and the international community that the Philippines is now fully open for business and for investments,” he said.
He added that as pointed out by numerous resource persons during the Committee of the Whole House deliberations, the proposed amendment “are necessary but not enough” to attract foreign direct investments.
Romualdez pointed out that in fact, Congress has passed the Ease of Doing Business Bill, which has already signed into law.
“The enactment of this law and the recent amendments Congress made to the Public Service Act, Retail Trade Liberalization Law and the Foreign Investment Act are proof that Congress is doing its part in working on measures that it can pass to bring in more foreign investments,” he said.
The Senate version, RBH No. 6, is authored by Senate President Juan Miguel Zubiri and Senators Loren Legarda and Juan Edgardo Angara. It is pending with a special subcommittee chaired by Angara, which has started hearings on it.
The suggested principal amendment is the insertion of the phrase, “unless otherwise provided by law,” in Section 11 of Article XII on the ownership of public utilities (60-40) and in Paragraph 2, Section 11 of Article XVI on the ownership (70-30) of advertising entities. Office of the Speaker
