The House of Representatives approved on the third and final reading a resolution (Resolution of Both Houses No. 6) that seeks to amend the economic provisions of the 1987 Philippine Constitution through a constitutional convention (con-con). According to House Speaker Martin Romualdez, one of the principal authors of the resolution, the con-con seeks to promote foreign direct investments (FDIs) meant to bolster the economy by creating new jobs and additional income opportunities for many Filipinos. The resolution noted that “extensive studies show that particular economic provisions of the 1957 Constitution need to be revisited and recrafted so that the Philippines may become globally competitive with the changing times.” With an overwhelming 301 affirmative, 6 against, and 1 abstention votes, the resolution gained strong support from the Congress. The implementing bill is expected to be transmitted to the Senate, to which Congress has called on its counterparts to heed to the mandate. However, in February, the Senate body remarked that charter change is not among their current priorities, citing that foreign investments will trickle even without it. Furthermore, President Marcos has also declared that changes in the constitution are not among his priorities.
While new amendments to existing laws such as the Public Services Act, Retail Trade Liberalization Act, and Foreign Investment Act were already passed to further attract FDIs in the country, the Constitution still prohibits a majority foreign ownership in certain business activities to protect national interests. Hence, the con-con aims to further remove restrictive economic laws that limit the participation of foreign investors. Politicians and economists have so far been split on the issue, arguing its untimeliness and how the government should focus more on addressing more pressing issues such as poverty, inflation, and corruption that continue to plague Philippine society. Debates on the proper implementation of the proposed charter change also surround the issue.
