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The House of Representatives will take its cue from the Senate, which will now take the lead on the proposal to amend the restrictive economic provisions of the 37-year-old Constitution.
“We’ll let the Senate decide on what they feel is best for the Filipino people. And then, when the time comes, both the House and the Senate can work together hand in hand to deliver what is best for the Filipino people under the presidency of PBBM,” he said further.Rep. Margarita Nograles of PBA party-list group, a lawyer, said the Senate is well within its right, if it decides to tackle the Resolution of Both Houses No. 8 filed by Sen. Padilla.
“What is really the most important issue that we need to talk about – and we have already delivered – is the intention of revisiting the Constitution, and specifically discussing specific provisions, which is the economic provision in the Constitution,” Adiong said. Meanwhile, a former finance secretary is urging senators to remove the restrictive provisions in the Philippine Constitution to lift the Philippines from its current dismal position as the region’s laggard in foreign direct investments .
Also, Teves believes that removing the foreign-investment caps itself will prevent future judicial and regulatory challenges, hence reducing uncertainty among multinational companies interested to pour money here. Teves added that economic Charter change is necessary to place the Philippines’ foreign-investments legal framework at par with its neighbors belonging to the Association of Southeast Asian Nations . “The Philippines is the only country in the ASEAN region where restrictions in foreign ownership are embodied in its Constitution. Other ASEAN countries manage FDI through legislation.”
“Removing restrictions on land ownership will provide an opportunity to use idle lands either for agricultural purposes or for business ventures, and enable small landowners to earn from their land while creating livelihood opportunities in many parts of the country, resulting in more widespread and balanced development. This is particularly beneficial for idle lands in areas outside Metro Manila.
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