Ako Bicol Rep. Garbin welcomes proposed economic amendments to Charter

Garbin (File photo via Ako Bicol)

MANILA—AKO BICOL Party-List Rep. Alfredo Garbin Jr., the chairperson of the House Committee on Constitutional Amendments, welcomed the proposed amendments to some economic provisions in the 1987 Constitution.

Garbin said the amendments would eliminate the “overly protective” provisions – such as foreign ownership limitations in business enterprises, including public utilities – to attract more foreign investments and to adopt policies to enable the country to compete more effectively in the global economy.

“It will contribute to our local economy, will bring in long-term capital that will significantly increase job opportunities sa ating mga kababayan (for our countrymen) and most importantly the technology transfer also,” Garbin said.

Last week, the House of Representatives approved on third and final reading the proposal to amend the some economic provisions in the 1987 Constitution.

With 251 affirmative votes, 21 negative votes, and two abstentions, the chamber adopted Resolution of Both Houses No. 2, which proposes economic amendments to the Charter to open up the Philippines to direct investments that could help the country recover from the adverse impacts of the coronavirus disease 2019 (Covid-19) pandemic.

The proposal, which is principally authored by Speaker Lord Allan Velasco, seeks to insert the phrase “unless otherwise provided by law” to several sections of the Constitution that restrict foreign ownership of public utilities, educational institutions, media, and advertising companies.

The requisite vote of three fourth from all its members has been met pursuant to the Constitution and the rules of the House.