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Friday, March 29, 2024

House also okays economic Cha-cha

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The House of Representatives on Wednesday approved on second reading the proposed economic Charter Change measure that is principally authored by Speaker Lord Allan Velasco.

The lower chamber approved the Resolution of Both Houses Number (RBH) 2 in viva voce voting.

The resolution containing the proposals would then be transmitted to the Senate. The House is expected to pass the resolution on third and final reading when Congress adjourns sine die on June 5.

It seeks to empower Congress to change constitutional limitations on foreign participation in certain sectors of the economy like telecommunications, public utilities, media, advertising, and education, except land, which will continue to be only for Filipinos.

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Rep. Joey Sarte Salceda, principal sponsor of the proposed RBH 2, maintained that the House has no intent of introducing political provisions to the proposed revisions.

“RBH 2 is pure economic reform. We know and understand that any political charter change will be dead on arrival,” Salceda added.

Salceda also called on the country’s lawmakers to “simply do what already worked for our neighbors” in Southeast Asia.

For his part, Ako-Bicol Rep. Alfredo Garbin, Jr., chairman of the House committee on constitutional amendments, expressed optimism that senators will keep an open mind on the proposed economic Charter amendments aimed at making the country’s economy attractive and competitive.

“I encourage the esteemed members of the Senate to go over the Committee's discussions on RBH 2, as some of the points they wish to raise may have already been addressed in deliberations," he added.

Garbin's committee held three hearings on RBH 2 before voting 64-3-3 to approve the measure last March.

Velasco earlier said the “restrictive” economic provisions in the Constitution, which hamper the flow of foreign capital investments, must be lifted to support the country’s economic recovery from COVID-19.

He said foreign investments play a crucial role in the economy by supporting domestic jobs and the creation of physical and knowledge capital across a range of industries.

RBH 2 specifically aims to amend certain economic provisions of the Constitution, particularly Articles XII (National Patrimony and Economy), XIV (Education, Science, Technology, Arts, Culture and Sports) and XVI (General Provisions).

The measure seeks to insert the phrase “unless otherwise provided by law” to several sections of the Constitution, which restrict foreign ownership of land, natural resources, public utilities, educational institutions, media, and advertising.

It provides that by a vote of three-fourths of all its members, the Senate and the House voting separately could propose amendments to the economic provisions of the basic law of the land.

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