Lower house to begin deliberations on RBH7 on Feb. 26
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00:00 The call for economic charter change is growing louder by the day, with an expert also echoing
00:05 the need to indeed change some of the provisions of the sacred constitution.
00:09 The amendments to be made, the proponents and supporters say, will usher in a higher
00:13 and faster pace of development the country has not seen so far.
00:17 Melendez Moras has more.
00:21 The Philippines will continue to struggle in attracting foreign direct investments unless
00:26 the restrictive economic provisions in the constitution are relaxed.
00:30 This according to expert and Congressional Policy and Budget Research Department or CPBRD
00:35 chief Dr. Romulo Miral, Jr. amid the issues on economic charter change.
00:40 According to Miral, it's just right that President Ferdinand R. Marquez, Jr. issued a directive
00:44 on economic cha-cha because that's what our country needs right now.
00:48 "Out of 83 countries, the Philippines is the third in terms of restrictiveness.
00:56 The more restrictive an economy is, the weaker the foreign direct investment will be."
01:06 Miral also insisted, even if there are new laws right now, like the Public Service Act
01:10 of 2022, which was by the way petitioned before the Supreme Court, they still don't address
01:15 the foreign business ownership issues in the country entirely and he believes they can
01:20 only be resolved or remedied through constitutional reforms.
01:23 "The foreign direct investment is very important in the recovery, especially after the pandemic.
01:33 And we looked at it, because if we look at other countries in the region, we can see
01:41 that our foreign direct investment is declining, but we are left behind by other countries.
01:47 So we looked at what are the things that are really affecting foreign direct investment.
01:55 And of course, of interest to us, these restrictive provisions in our constitution."
02:06 House Deputy Majority Leader and TINGOG Portulis Representative Jude Asidre also shares this
02:12 sentiment.
02:13 He said, if economic cha-cha pushes through and more foreign companies invest in the country,
02:17 our wage problems can also be resolved.
02:20 "We are balancing the increase in wages for people to have their wages increased and also
02:27 for people to keep their jobs because it's a delicate balancing act.
02:31 But if we have more foreign direct investments, if our corporations and businesses in the
02:38 Philippines have more capital that the FDIs bring, we will be able to balance our work
02:48 and our wages more easily."
02:51 On Monday, the House is set to begin deliberations on resolution of both Houses No. 7 as a Committee
02:57 of the Whole.
02:58 Once RBH 7 is passed, it will pave the way for the realization of economic cha-cha.
03:03 Congressman Asidre, on the other hand, also clarified that the lower house is simply following
03:07 the rule regarding the issue of whether the two chambers should vote jointly or separately
03:12 once the proposed amendments progress.
03:14 "We are just copying there.
03:17 The House is following the current Constitution of the country.
03:23 The Senate's addition of voting separately is just an interpretation of how this provision
03:35 will be applied.
03:40 But nonetheless, we try to make the good, we try to find a common ground."
03:44 House Senior Deputy Speaker Don Gonzales also echoed this while also calling for the swift
03:49 passage of resolutions for economic cha-cha not only in the House but also in the Senate.