MANILA — President Ferdinand R. Marcos Jr. has announced that both chambers of Congress have aligned in their efforts to amend the economic provisions of the 1987 Constitution.
In a media interview in Prague on Friday (15 March 2024), President Marcos stated, “The Senate is continuing with the hearings, and the House [of Representatives] has already passed the proposal on second reading. What is crucial to note is that the resolutions put forward by both chambers are practically identical. This convergence signifies a significant milestone in our legislative process. We have reached a consensus.”
Reflecting on the journey of these discussions, President Marcos remarked, “We were well aware of the initial contentious nature of this endeavor. However, we are now traversing a common path between the two chambers. This unity is paramount.”
House Speaker Martin Romualdez emphasized the substantial deliberation the lower chamber has dedicated to the Resolution of Both Houses No. 7 (RBH 7), indicating a focused commitment to advancing the discussions.
RBH 7, which seeks to enhance foreign ownership in critical industries, was approved by the House of Representatives on Wednesday (13 March 2024).
Senate President Juan Miguel Zubiri affirmed that the Senate’s progress is on schedule, with approximately three more hearings remaining before advancing to further deliberation.
President Marcos previously underscored that existing economic provisions are impeding potential investors from engaging in operations within the country.
(el Amigo/MNM)
