House to fast track constitutional amendments to allow foreign ownership

MANILA, Philippines (Xinhua) - The leader of the House of Representatives today ordered to speed up the deliberations on the proposed economic amendments in the present constitution that will give more access to foreign investments.

House Speaker Feliciano Belmonte Jr. said that he has instructed his colleagues in the House of Representatives to fast track the floor deliberations of the measure amending the economic provisions of the 1987 Constitution.

Belmonte said that the Resolution of Both Houses (RBH) No. 1 or the proposed amendments to the economic provisions of the Constitution should be passed this year so that it can be put to vote through a plebiscite that will be synchronize with next year' s National Elections.

"We will fast track the deliberation so the plebiscite for it will be done alongside with the 2016 national and local elections, " he said.

The Resolution, filed by Belmonte and Senator Ralph Recto, is eyeing to amend economic provisions on the 60-40 rule that limits foreign ownership of certain activities in the Philippines.

The resolution will include the phrase "unless provided by law" in the foreign-ownership provision of the Constitution, particularly land ownership, public utilities, natural resources, media and advertising industries.

Under Article 7 of the Philippine Constitution, foreign investors are prohibited to own more than 40 percent of real properties and businesses, while they are totally restricted to exploit natural resources and own any company in the media industry.

The amendments to the charter will be decided through separate votings by the both chambers, with a three-fourths vote required from them.

The Joint Foreign Chamber of Commerce and Philippine business groups already expressed support for the passage of the economic amendments.