MANILA, Philippines — The House of Representatives on Tuesday passed on final reading its proposed amendments to the Constitution’s economic provisions, making good on its promise to pass the proposal before Congress adjourns sine die.
Voting 251-21 with 2 abstentions, the House voted to insert the phrase “unless otherwise provided by law” in provisions that restrict foreign investments in natural resources, public utilities, educational institutions, media and advertising.
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The proposal, if it clears the Senate and is ratified in a plebiscite, would see Congress get the power to tweak restrictions on foreign investments imposed by the Constitution.
Its chances of hurdling the Senate, however, are still slim with Senate President Tito Sotto telling ABS-CBN News Channel on Monday that a majority of senators are still averse to introducing changes to the Constitution.
Proponents of the proposed amendments to the Constitution have argued that easing restrictions on foreign investments would help the Philippines recover from its worst economic downturn since World War II due to the coronavirus pandemic, while its critics have said that the proposal would open up the economy to foreign exploitation.