Public urged to join Cebu consultation on Cha-Cha

CEBU, Philippines - The House Committee on Constitutional Amendments will hold its second leg of public consultation and information campaign on Constitutional Change issues in Cebu City this afternoon.

The committee is inviting interested constituents to participate the public consultation at the Capitol Social Hall at 1pm.

The consultation will tackle proposals such as the removal of the 60 percent – 40 percent equity limitations on foreign investments; removal of exclusive control and management by Filipinos in companies with foreign equities; expansion of the role of foreign investments in the exploration, development and utilization of natural resources by allowing foreign ownership of industrial lands; liberalization of media by allowing foreign investments in media; liberalization of the practice of profession in accordance with the principle of reciprocity; liberalization of investments in educational; and extension of the land lease agreement from 25 years to another 25 years.

“In line with the government’s thrust of reform, transparency and accountability, now is the best opportune time to introduce the much needed reforms in the Charter,” said Misamis Occidental Representative Loreto Ocampos, chairman of the House Committee on Constitutional Amendments.

The 1987 Constitution is perceived to contain economic provisions that constrict the inflow of investments and much need capital for the economy.

In view of this, Ocampos said the country lagged behind its neighboring countries in terms of economic standing.

“To boost the economy, we need to attract foreign investors but certain provisions in the Constitution have to be improved,” he added.

The first leg of the public consultation and information campaign was held in Cagayan de Oro City. — (FREEMAN)