The leadership of the House of Representatives has expressed confidence that the Senate will find time to pass the proposed amendments to the economic provisions of the 1987 Constitution, based on the commitment given by senators.
Speaker Feliciano Belmonte Jr. said that even their counterparts in the Senate recognized that the passage of Resolution of Both Houses (RBH) 1, or the so-called economic Charter change (Cha-cha), will give the economy a big boost.
“I was told by the Senate leadership that they can do it [passage of economic Cha-cha] this 16th Congress,” he said.
The Joint Foreign Chamber of Commerce and Philippine business groups already expressed support for the passage of the economic Cha-cha.
Belmonte recalled that, during the 15th Congress, he also filed the economic Cha-cha, but the initiative failed to hurdle both Houses.
“In the 15th Congress, [former Senate President] JPE [Juan Ponce Enrile] and I wrote a letter to President Aquino asking for his support to our proposal [amending the Constitution]…in other words, a great constitutionalist, like JPE, agreed entirely with me. But the President wrote a memo and he said ‘I’ll have it studied.’ But the 15th Congress ended, we did not receive his study,” Belmonte said.
“And, in the 16th Congress, I refiled it again and Senate President [Franklin M.] Drilon is also in favor of it…that’s why I continued it,” he said.
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 passes the third reading before the Upper House could tackle it.
On Wednesday the House of Representatives approved on second reading the proposed amendments to the economic provisions of the 1987 Constitution.
Belmonte said the lower chamber will pass the bill on final reading next week or before Congress sine die adjournment on June 12.
“We need three-fourths [vote of 290 members] to pass this. So we have to time that [the passage of Cha-cha on final reading] within the next week, or before our sine die adjournment,” he said.
The amendments to the Cha-cha will be approved through separate votings by both chambers, with a three-fourths vote required from them.
No need for presidential approval
Even without President Aquino’s support, Belmonte said the lower chamber would still approve the economic Cha-cha on final reading.
“Remember this is a joint resolution of the House and the Senate and it does not require the approval of the President. Now, if the Senate, as they have been telling me, if they succeed in doing the same thing, then it will be a historical thing…the first time that it has ever been done,” he said.
Belmonte, an ally of President Aquino, said members of the lower chamber is an independent body and can approve his RBH 1 freely.
The Palace has repeatedly rejected the proposal amending the economic provisions of the 1987 Constitution, which was ratified during the term of President Aquino’s mother, late-President Corazon Aquino.
In June 2014 Mr. Aquino announced his stand against Chacha until 2016, saying the Congress is wasting time on Cha-cha.
RBH 1 seeks to amend certain economic provisions by inserting the phrase “unless, otherwise, provided by law” in Articles 12, 14 and 16 of the Constitution.
“The amendment would serve as the key to open the door for Congress to craft a law, in consultation with all concerned sectors of society, which would maximize the influx of foreign direct investments [FDIs] into the country without prejudice to national patrimony,” Belmonte said.
Currently, under Article 12 of the Constitution, 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 House leader underscored the indispensable role of trade and investments to economic development, which jump-start and sustain economic growth, while providing jobs essential to poverty alleviation.
Fair competition
Meanwhile, Belmonte said another important measure that needs to be passed is the proposed Philippine Fair Competition Act.
“So far, in all the bills that already hurdled this 16th Congress, I think the fair competition bill is still the most important. It has been pending since the Eighth Congress,” he said.
According to Belmonte “FDI that the country may get [from the passage of the measure] can be translated into buildings, machineries, office, industries, jobs and taxes payments for utilities and all other benefits that can be enjoyed by common people.”
Belmonte is also the main author of the proposed Philippine Fair Competition Act.
“All we need now is to reconcile the version of the Senate and our version, and I am very confident that we can do that,” he said.
Vice Chairman of the House Committee on Trade and Industry and Liberal Party Rep. Anthony del Rosario of Davao del Norte has also expressed confidence that the two houses can reconcile their different versions of the measure.
Del Rosario, member of the bicameral committee, said their bicameral meeting for the measure is set on Tuesday next week.
The proposed fair competition act aims to minimize, if not totally eradicate, unfair competition, monopolies and cartels.