Economic Chacha revived in Congress

House Speaker Feliciano Belmonte Jr. (Photo courtesy of Cong. Regina Ongsiako-Reyes / YesMarinduque.com)

MANILA — Speaker Feliciano Belmonte Jr. called for the passage of the economic charter change in the opening of the third regular session on Monday.

Belmonte sought the passage of his Resolution of Both Houses 1 which will ease the foreign ownership restrictions in the Constitution.

Belmonte was proposing to add the phrase “unless otherwise provided for by law” to the provisions requiring 60 percent ownership to Filipinos and only 40 percent to foreigners in investments.

“It is now in that same spirit that I urge you, our dear colleagues, to ensure that we finally pass Resolution of Both Houses 1. By amending the restrictive economic provisions of our Constitution., we empower Congress to enact laws that will attract the kind of investments that will reverse the de-industrialization and de-agriculturalization of our economy,” Belmonte said.

“Only then can we encourage locators and investors to expand our manufacturing sector, the area where the better paying decent jobs can be created. This is the best strategy to ensure that no Filipino be left behind,” he added.

Belmonte also clarified that though he is pushing for revisions in the economic provisions, he is “against extensive change of the Constitution.”

“It’s actually a message. its very tight to revive it, but because of all the talk about it many of the candidates are actually talking about changing the Constitution and so forth,” Belmonte said.

“Let me just make it very plain in my view, I’m against extensive change of the Constitution. But definitely I’m in favor of changing and aligning economic conditions with the rest of the world, particularly our region. And that message will (resonate),” he added.