THE House of Representatives on Thursday approved on second reading the proposal amending the economic provisions of the 1987 Constitution to attract foreign direct investments, something that proponents say is badly needed to rebuild the pandemic-derailed Philippine economy.
Lawmakers approved Resolution of Both Houses 2 (RBH 2) or the economic Charter change through viva voce voting.
Ako Bicol Partylist Rep. Alfredo Garbin Jr., the chairman of the House Committee on Constitutional Amendments and sponsor of the RBH 2, said amending the Charter is important in order to give government the freedom to adopt measures that will pave the way for economic development.
“It is wise for Congress to amend the Constitution by adding the phrase ‘unless otherwise provided by law’ in order to give the government enough flexibility to consider different circumstances prevailing at different stages our road to economic development before formulating policies that should be time bound,” he said.
Garbin has appealed to the Senate to give the Charter change proposal a chance.
According to Garbin, the House and the Senate will vote separately and not jointly on economic Cha-cha proposal.
Earlier, Deputy Speaker Rufus Rodriguez of Cagayan de Oro said the lower chamber would immediately transmit the economic Charter change proposal to the Senate after its final approval in the House.
The proposal needs to secure three-fourth votes of 300 members of the House for third and final reading approval.
The lower chamber is eyeing to approve RBH 2 next week.
Speaker Lord Allan Velasco-authored RBH 2 seeks to liberalize the “restrictive” economic provisions in the Constitution that prevent the Philippines from becoming fully competitive with its Asian neighbors.
It seeks to insert the phrase “unless otherwise provided by law” to several sections of the Constitution, which restrict foreign ownership of public utilities, educational institutions, media and advertising.
The proposal amends certain sections of Article XII (National Economy and Patrimony), Article XIV (Education, Science and Technology, Arts, Culture and Sports) and Article XVI (General Provisions).
The addition of the “unless otherwise provided by law” phrase will allow Congress to enact laws to free up the economy to foreign investors, or maintain the status quo, its proponents said.
Velasco said Congress is eyeing to present to the public for ratification the amendments to the Constitution’s economic provisions alongside the national elections in 2022.