By Junex Doronio
MANILA — Debunking unfounded fears of having a political agenda, the House of Representatives under the “proactive” leadership of Speaker Ferdinand Martin G. Romualdez on Wednesday (20 March 2024) approved the third and final reading Resolution of Both Houses 7 which seeks to amend the 1987 Constitution and allow foreign ownership in vital industries.
Romualdez pointed out that the proposed removal of constitutional limitations on foreign ownership in certain sectors was the “last piece in the puzzle of investment measures” of the administration of President Ferdinand “Bongbong” R. Marcos Jr.
“These changes, if ratified by our people in a plebiscite, will greatly boost these measures, including our President’s investment missions abroad which have generated actual investments and pledges in the billions of dollars and created thousands of jobs,” the leader of the 300-plus-strong members of the lower chamber said in a statement.
RBH 7, which removes the 40% foreign ownership limit for public utilities, education, and advertising firms, garnered 289 yes votes, seven no votes, and two abstentions.
“We heard the wise counsel and suggestions of the resource persons and experts we invited to our hearings. We assure the business community and our people that we are working on the other factors that affect investments, like the ease of doing business, the high cost of electricity, infrastructure, and similar issues,” Romualdez said.
The 19th Congress will take a month-long Holy Week break starting today, Wednesday (20 March 2024).
(el Amigo/MNM)
