No need to rush economic Cha-cha – Sotto

MANILA, Philippines — There is no need to rush the passage of the bill seeking to amend economic provisions of the Constitution as there is still time to pass it if needed, even as there are other investor-friendly measures nearing enactment, Senate President Vicente Sotto III said yesterday.

Sotto was referring to Resolution of Both Houses No. 2 (RBH 2) passed in the House of Representatives last June 1 that needs a corresponding passage in the Senate for the Charter change (Cha-cha) process to move to the next stage of holding a plebiscite, which proponents want to coincide with the May 2022 elections.

He said RBH 2 was transmitted to the Senate and was referred to the committee on constitutional amendments and revision of codes, chaired by Sen. Francis Pangilinan.

“This has a better chance of passing instead of Cha-cha. I personally am not in favor of a (political) Charter change. So, if we’re talking of amendments to the Charter very focused on economic provisions alone, it stands a better chance of passing in the Senate,” Sotto told CNN Philippines’ The Source.

“As long as it’s addressing economic issues, we have enough time to tackle it, really. We should not be rushing it, we should discuss it well,” he said.

He said he and Speaker Lord Allan Velasco agreed during a recent meeting that they can decide as early as August or September, or as late as January or February, on the fate of RBH 2, especially that three key economic bills that seek amendments to the Foreign Investments Act, Public Service Act, and Retail Trade Liberalization Act are all expected to be enacted into law in the coming weeks.

The economic measures, he said, once enacted into law, would achieve to a large extent the objectives of RBH 2 of attracting more investors in key sectors, particularly by easing restrictions on the entry of foreign capital.

Velasco filed RBH 2 in 2019.

“Our intention then, as now, was purely to help our country rise above this pandemic through liberalizing the restrictive economic provisions in the Constitution that have long prevented us from becoming fully competitive with our Asian neighbors,” Velasco earlier said.

He said the proposed amendment to sections of Article XII (National Patrimony and Economy), Article XIV (Education, Science and Technology, Arts, Culture and Sports) and Article XVI (General Provisions) by simply adding the phrase “unless otherwise provided by law” is meant to free up the economy to foreign investors as the needs of the times dictate.

“As global economies slowly bounce back from the COVID-19 pandemic, the Philippines must be ready to ride the wave or risk being left behind by its Asian neighbors,” the Speaker said.