‘Economic Cha-cha still alive’

MANILA, Philippines – The proposal to amend the economic provisions of the Constitution is still alive in the House of Representatives, Speaker Feliciano Belmonte Jr. said yesterday.

Belmonte said that while Resolution of Both Houses No. 1 (RBH 1) is not in the list of priority bills agreed upon by the Senate and the House to be passed before the end of the year or early 2016, the measure will still be calendared for approval in the chamber.

“To be frank, I’ll be taking a chance (for its approval). The attitude of the senators is that ‘if you can pass it there (House)’, then we’ll act on it (RBH 1),” he told dzBB. “I don’t think it’s dead.”

Belmonte, principal author of RBH 1, said he would make another attempt to pass the economic Charter change measure in such a way that it will not jeopardize the passage of other priority bills.

Among the priority measures the Senate and the House agreed to pass at the soonest time are the proposed Bangsamoro Basic Law; the creation of the Department of Information Communication Technology; amendment to the Build-Operate-Transfer Law; amendments to the Revised Penal Code, and amendments to the Customs and Tariff Modernization Act.

The House was poised to approve RBH 1 on third and final reading last June before Congress adjourned but the voting did not push through despite the large attendance of lawmakers apparently due to the last minute intervention from President Aquino.

The chamber needs at least 217 affirmative votes or two-thirds of the 290-member House to approve the measure.

RBH 1 seeks to include the phrase “unless otherwise provided by law” in some sections of Articles XII (national economy and patrimony), XIV (education, science and technology, arts, culture and sports), and XVI (general provisions).

This means that the constitutional restrictions on foreign ownership on certain industries will remain until Congress enacts specific laws to remove or amend them.

A counterpart measure has been filed in the Senate by Sen. Ralph Recto. 

Belmonte earlier described the proposal as “the simplest yet more beneficially effective” Charter reform that will lead to the influx of foreign direct investment (FDI) as many industries continue to remain stagnant due to restrictions on the entry of foreign equity.

He said FDI, unlike capital passing through the stock market, generates jobs.