Reso of Both Houses No. 7 headed for okay by congressmen
THE Resolution of Both Houses No. 7, which contained proposals to amend the economic provisions of the 1987 Constitution, was approved on second reading in the House of Representatives.
The House is looking to approve the said measure on third and final reading next week before Congress goes on its Holy Week break starting March 23.
On February 26, the House Committee of the Whole initiated discussions on RBH 7, aimed at amending specific economic provisions in the 1987 Constitution concerning public utilities, education, and advertising.
The proposed amendment seeks to insert the phrase “unless otherwise provided by law.” RBH 7 mirrors the content of RBH 6, currently being deliberated in the Senate.
Over the past two weeks, the committee, comprising all House members, has deliberated on various aspects of economic Charter amendments, gathering insights from legal luminaries, constitutional experts, government officials, and economists.
Discussions have centered on reassessing the 60-40 equity rule on foreign ownership, which currently restricts foreigners to owning up to 40 percent of companies in the Philippines.
This rule has long been identified as a significant barrier to substantial increases in foreign direct investment and has hindered the country’s economic growth trajectory.
One of the authors, Senior Deputy Speaker and Pampanga Rep. Aurelio “Dong” Gonzales defended the proposed amendments on the ownership of public utilities, educational institutions and advertising companies.
“By amending Section 11 of Article XII, our country can attract substantial investments and spark greater competition leading to improved quality service delivery and high-quality jobs for the Filipino people. Likewise, the advance technological knowledge that foreign corporations possess will significantly contribute to the development of our public utilities,” he said.
“By amending Paragraph 2, Section 4 of Article XIV, we are prioritizing education and nurturing intellectual capital which are fundamental strategies to accelerating economic growth,” he said.
He pointed out that the Constitution empowers Congress to propose amendments “to make the fundamental law of the land responsive to the needs and exigencies of the times.”
“It is pursuant to Article 17, Section 1, Paragraph 1, which provides that ‘Any amendment to, or revision of, this Constitution may be proposed by the Congress, upon a vote of three-fourths of all its Members’,” he added.
