Foreign Equity and Professionals News

Congress: Economic laws’ amendments timely

MANILA, Philippines — Congress leaders Sunday expressed belief that it is about time to amend the economic provisions of the Constitution to encourage the influx of foreign investments.

Earlier, it was reported that Speaker Feliciano Belmonte Jr. and Senate President Juan Ponce Enrile agreed that Congress should convene as a Constituent Assembly (ConAss) meet and vote separately, to effect the economic amendments.

The House committee on constitutional amendments, headed by Misamis Occidental Rep. Loreto Leo Ocampos, is set to tackle on Tuesday House Concurrent Resolution (HCR) No. 10 calling on Congress to constitute into a ConAss to propose amendments to certain economic provisions of the Constitution.

The proposal to amend the economic provisions of the 1987 Constitution is gaining support from the public, according to an ongoing online survey launched by the House of Representatives.

The House – initiated poll also showed that 153 or 68.61 percent of the respondents threw support behind the urgency to push through with Charter Change (Chacha) through a Constituent Assembly (ConAss).

However, 66 respondents or 29.60 percent thumbed down the timing of the economic amendments.

At least four respondents or 1.79 percent, meanwhile, were dilly-dallying whether they would support or not the controversial proposal pending before Congress.

Despite Malacañang’s cold stance on Cha-cha, the Lower Chamber is deciding to deliberate on the economic amendments to the Constitution, Belmonte said.

Belmonte said the Palace will not stop Cha-cha hearings despite its non-inclusion in the list of priority measures approved during the recent meeting of the Legislative-Executive Development Advisory Council.
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By: Charissa M. Luci
Source: Manila Bulletin, Aug. 21, 2011
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This article is relevant to Part IV: General Business Environment – Foreign Equity and Professionals.

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