By Junex Doronio
MANILA — As the Senate seemingly foot-dragged in approving the economic reforms in the 37-year-old Constitution, the House of Representatives under the leadership of Speaker Ferdinand Martin G. Romualdez passed the economic charter change (Cha-Cha) after only six days of marathon deliberations.
On Wednesday, the House Committee of the Whole approved via voice vote Resolutions of Both Houses No. 7 (RBH 7), which seeks to amend the 1987 Constitution by allowing increased foreign ownership of vital industries.
It was learned that the Charter amendments under RBH 7 provide for the easing of the 40%-foreign ownership limit on education, public utilities, and advertising sectors by adding the phrase “unless provided for by law.”
Former finance secretary Margarito Teves lauded the swift action of the House of Representatives.
“Foreign equity limitations in the Constitution are binding constraints to investors. As of 2022, Vietnam, Malaysia, Indonesia, and Thailand have already surpassed us in terms of foreign direct investments,” Teves said.
The Department of Foreign Affairs (DFA) also agreed with Teves that the RBH 7 will pump in much-needed foreign capital to address low wages and increase the productivity of the country’s labor force.
(el Amigo/MNM)
