MANILA: The House of Representatives, constituting itself as the Committee of the Whole, on Wednesday approved Resolution of Both Houses (RBH) No. 7, which proposes amendments to certain economic provisions of the 1987 Constitution. RBH7 was approved after six days of committee deliberations comprising a variety of resource persons and experts, including former Cabinet members, former lawmakers, academics, Filipino educators and professionals based abroad, former Supreme Court justices, economists, and framers of the 1987 Constitution. Deputy Majority Leader and Mandaluyong City Rep. Neptali Gonzales II, who was designated majority leader of the committee, moved to terminate the hearings and pass the resolution. Majority Leader and Zamboanga City Rep. Manuel Jose Dalipe, who was presiding over the hearing, declared the resolution approved. The committee approved its report and affirmed its vote on RBH No. 7. During a news conference earlier in the day, Gonzales said the House is scheduled to start plenar y debates on the proposed amendments on Monday. 'We will target second-reading approval of RBH No. 7 next Wednesday,' he said. He said the House will stick to its timeline of approving the proposed economic Charter amendments before Congress goes on its Holy Week break on March 23. RBH No. 7 replicates RBH No. 6, introduced by Senate President Juan Miguel Zubiri and Senators Loren Legarda and Juan Edgardo Angara. The proposed House and Senate changes are on the grant of legislative franchises to and ownership (60-40) of public utilities in Article Xll, ownership of basic educational facilities (60-40) in Article XlV and ownership of advertising firms (70-30) in Article XVl. The suggested principal amendments are the insertion of the phrase, 'unless otherwise provided by law,' which would empower Congress to lift or relax present economic restrictions in the nation's basic law, and the addition of the qualifier 'basic' in Article XIV. RBH No. 6 and RBH No. 7 also restate the provision of the Constitution that Congress may propose amendments 'upon a vote of three-fourths of all its members.' 'Imperative to review fundamental laws' During the hearing of the Committee of the Whole, Former senator Gregorio Honasan said it was time to amend the Constitution. 'For our nation to continue its journey toward rising among its neighbors, it is imperative to review the fundamental laws that will drive and propel much-needed economic growth,' Honasan told lawmakers. He noted that recalibrating the restrictive provisions on foreign ownership of public utilities, basic education, and on the advertising industry, would greatly help raise the country's gross domestic product. The former secretary of the Department of Information and Communications Technology (DICT) said the Charter should be amended to adapt to the economic challenges posed by evolving geopolitical dynamics, rapid technological advancements, and global trade within digital economies. Honasan said the three proposed economic amendments, together with eco nomic policy reforms through legislation, 'will propel the Philippines to be on par with neighboring countries such as Singapore, Indonesia, Malaysia, and Thailand' in attracting foreign investments. 'Kapag hindi tayo nagbago, maiiwan tayo, at kapag nanatili tayong sarado sa buong mundo, kawawa ang Pilipino (If we don't change, we will be left behind, and if we remain closed to the world, the Filipinos will suffer),' Honasan said. 'Huwag po tayong matakot sa pagbabago (We must not fear change).' As a retired military officer, he is well aware of the security risks of allowing foreign investments in public utilities but pointed out that those could be addressed by the proposed insertion of the phrase, 'unless otherwise provided by law,' in the Charter's economic provisions, which would empower Congress to impose conditions on the entry of foreign capital. 'Puwedeng magbuo ng batas na magtatakda kung ano ang maaring gawin at hindi maaaring gawin ng dayuhang mamumuhunan, kung saan ang hangganan ng kanilang pr ibilehiyo (Laws can be enacted that will mandate what can and can't be done by foreign investors, the limits of their privileges),' Honasan said. He said the ultimate goal of changing the economic provisions should be to help most Filipinos get out of poverty. Foreign equity limitations Meanwhile, former Finance Secretary Margarito Teves said foreign equity limitations in the Constitution 'are a binding constraint to investors' that are not present in the basic laws of other ASEAN countries like Singapore and Malaysia. 'As of 2022, Vietnam, Malaysia, Indonesia, and Thailand have already surpassed us in terms of foreign direct investments,' he noted He said the Philippines has to adjust its 'legal framework' to make it comparable with its ASEAN neighbors so it can be competitive in enticing foreign investors. Teves also advocated opening land ownership in rural areas to foreigners, subject to 'data-driven' parameters Congress may prescribe. He pointed out that the establishment of foreign-owned manufact uring plants in rural communities would provide job and livelihood opportunities to people in those areas and would lead to the economic development of the regions, as rural residents seeking jobs would no longer have to migrate to Metro Manila and other urban areas. Like Honasan, Teves also urged Filipinos not to be afraid of foreign investors, stressing that what is important is 'who can best serve Filipinos, regardless of their nationality.' Department of Foreign Affairs Undersecretary Jesus Domingo, for his part, cited the example of Singapore, which he said gradually opened its economy to foreign investments between 1965 to the 1990s. The city-state 'is (now) one of the most open economies in the world,' he noted. He also cited his own experience as the country's ambassador to New Zealand. Compared to his counterparts in other ASEAN nations, he said he had difficulty convincing foreign investors due to the economic restrictions in the Philippine Constitution. Source: Philippines News Agency
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