The leader of the House of Representatives said he would continue his campaign for the passage of the measure amending the economic provisions of the 1987 Constitution.
Speaker Feliciano Belmonte Jr., in a recent interview with reporters, also expressed confidence that his Resolution of Both Houses (RBH) 1, or the economic Charter change (Cha-cha), would be passed this 16th Congress.
“I’m having doubts about that [approval of Cha-cha before our March 18 break], but, still, I would like to continue it [the passage of the economic Cha-cha this 16th Congress] because it’s needed,” he said.
The Joint Foreign Chambers and Philippine business groups have already expressed support to the passage of the economic Cha-cha.
“People who are in business, our businessmen, foreign businesses, cannot understand why such an innocuous amendment, which is simply an empower [ment] from Congress, is having a difficult time to pass,” Belmonte added.
Belmonte also reiterated that the Cha-cha is a larger contributor to economic growth, as foreign direct investments are seen to increase once ownership on estates and corporations, one of the issues raised by investors for not investing in the country, is relaxed.
“Whether it is difficult or not [to pass the Cha-cha], I will continue this Cha-cha because we want to show that it is still a giant step forward [for our economy],” he said. Since last year the RBH 1 is still under the period of
interpellations in the plenary.
The resolution, filed by Belmonte and Sen. Ralph Recto, is eyeing to amend provisions on the 60-40 rule that limits foreign ownership of certain activities in the Philippines.
The resolution will include the phrase “unless provided by law” in the foreign-ownership provision of the Constitution, particularly land ownership, public utilities, natural resources, the media and advertising industries.
Under Article XII of the Constitution, which was ratified during the term of then-President Corazon Aquino, foreign investors are prohibited to own more than 40 percent of real properties and businesses, while they are totally restricted to exploit natural resources and own any company in the media industry.
The amendments to the
Charter will be approved through separate votings by both chambers, with a three-fourths vote required from them.
According to the speaker, the lower chamber is still the main proponent of the economic Cha-cha, and senators would still wait for the House version once it passed the third reading before the upper house tackles it.
Meanwhile, Belmonte has instructed members of the lower chamber to fast-track the floor deliberations on the measure.
Belmonte said the proposed amendments to the economic provisions of the Constitution should be passed this year, so he incorporated a plebiscite for Cha-cha with the 2016 national and local elections.
In June last year, President Aquino announced his stance against Cha-cha until 2016, saying Congress is wasting time on Cha-cha.
Communications Secretary Herminio B. Coloma Jr. said that he has yet to see a signal that the President had relented on his firm belief there is no need to amend the economic provisions of the 1987 Constitution.