MANILA – The House of Representatives is prioritizing the passage of the proposal to amend the restrictive economic provisions in the 1987 Constitution on or before the Congress goes on Holy Week break on March 24.
House Committee on Constitutional Amendments chairperson Alfredo Garbin Jr. said on Friday that he is optimistic that majority of the congressmen will vote for the measure next month.
“I expect an impassioned debate to those who want to retain the restrictive economic provisions but confident enough to get the support of the supermajority coalition who earlier signified their support to RBH 2 (Resolution of Both Houses) Number 2,” said Garbin.
The measure, according to Garbin, aims to amend existing economic provisions in the 1987 Philippines Constitution in a bid to open up the country to foreign direct investments.
RBH Number 2 inserts the phrase “unless otherwise provided by law” to the constitutional restrictions that limits participation of foreign investors in the governing body of entities based on their proportionate share of capital. The same phrase would likewise be added to provisions saying only Filipino citizens can control, own, and/or lease public utilities, educational institutions, mass media companies, and advertising companies in the Philippines.
Marikina City Rep. Stella Quimbo, one of the sponsors of the measure, said that opening the economy to foreign investors was timely during the coronavirus disease 2019 pandemic due to lack of domestic capital.
“The passage of this bill is just timely as foreign direct investments became more urgent because of the health crisis,” Quimbo said in a separate statement./PN
