As Congress resumes session on Monday, the leader of the House of Representatives vowed to pass measures that will attract foreign direct investments (FDI).
Speaker Feliciano Belmonte Jr. said that, to make the country globally competitive in attracting FDI and to spur productivity and employment generation, the lower chamber would prioritize the amendment of economic provisions of the Constitution, or the so-called economic Cha-cha, that are deemed restrictive and counterproductive.
“Relaxing [the Constitution’s] economic provisions would make the country competitively attractive to foreign investments, capital and technology in utilities, media, education, among others,” he said.
Belmonte said also included in their priorities are the establishment of a national competition policy to institute a more level playing field for business; and the passage of the Bangsamoro basic law (BBL), which would usher and promote wider peace, order and development, while ensuring self-determination and self-governance among Filipino Muslims in Mindanao.
“Investments will not be attracted to our country by accident,” Belmonte said, adding, “We need to establish a more level playing field for business to flourish, while implementing peace and order.”
The Resolution of both Houses No. 1, filed by Belmonte and Sen. 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, which is now at the plenary for deliberations, 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 XII of the 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.
Also recently the House Committee on Trade and Industry and the House Committee on Appropriations approved a consolidated bill on Philippine fair competition.
Belmonte, also the main author of the consolidated bill, said the Philippine Fair Competition Act has been included in the priority bills of the Palace and 16th Congress.
According to Belmonte, the measure aims to minimize, if not totally eradicate, unfair competition,
monopolies and cartels.
The bill also heavily penalizes monopoly, anti-competitive mergers and other unfair trade practices.
Belmonte, meanwhile, said the proposed BBL is still under thorough scrutiny and deliberation of the 75-man Bangsamoro ad hoc committee headed by Pwersa ng Masang Pilipino Rep. Rufus Rodriguez of Cagayan de Oro City.