(Eagle News) — The Lower House has approved on final reading the economic charter amendments that would allow more foreign investments in the country.
The Resolution of Both Houses (RBH) No. 2 was passed on Tuesday with 251 affirmative votes, 21 negative votes and two abstentions.
Because of this, the needed ¾ vote of the entire House of Representatives has been achieved.
“The proposed amendment to sections of Article XII (National Patrimony and Economy), Article XIV (Education, Science and Technology, Arts, Culture and Sports) and Article XVI (General Provisions) by simply adding the phrase “unless otherwise provided by law” is meant to free up the economy to foreign investors as the needs of the times dictate,” said House Speaker Lord Allan Velasco.
“As global economies slowly bounce back from the COVID-19 pandemic, the Philippines must be ready to ride the wave or risk being left behind by its Asian neighbors,” he said in a statement.
The resolution would also insert the same phrase in laws that state that only Filipino people have the right to control, own, and/or lease public utilities, educational institutions, mass media enterprises, and advertising firms in the country.
Velasco, who first filed the resolution in 2019, thanked his colleagues at the House of Representatives for passing it.
“We especially thank the chairman of the Committee on Constitutional Amendments, Alfredo Garbin, Jr., who has tirelessly defended the bill in plenary. Through Chairman Garbin, the public saw that this was purely for economic reforms and no more,” he said.
(Eagle News Service)
