House approves ‘economic Cha-cha’ on 2nd reading
Plenary Hall of the House of Representatives. INQUIRER FILE PHOTO / GRIG C. MONTEGRANDE
MANILA, Philippines — Despite questions over its timing as the country continues to grapple with the coronavirus pandemic, the House of Representatives has approved on second reading the proposed economic charter change (Cha-cha).
After lengthy interpellations that spanned for a number of sessions, the lower chamber passed on Wednesday the Resolution of Both Houses (RBH) No. 2. which seeks to amend the “restrictive” economic provisions in the 34-year old 1987 Constitution.
Under the Resolution of Both Houses No. 2, authored by Speaker Lord Allan Velasco, the phrase “unless otherwise provided by law” would be added to the constitutional restrictions that limit the participation of foreign investors in the governing body of entities based on their proportionate share in the capital.
The same phrase would likewise be added to provisions saying only Filipino citizens can control, own, and/or lease public utilities, educational institutions, mass media companies, and advertising companies in the country.
This move would allow legislators to pass laws to ease foreign participation in the Philippines.
The House approved the resolution even as critics questioned its timing especially as the country is still in the middle of fighting the coronavirus pandemic.
For instance, Bayan Muna Rep. Carlos Zarate earlier said the House “should prioritize its immediate response [to] the economic and health crisis that the Filipino people are facing every day” instead of amending the Constitution.
“Cha-cha now is very ill-timed especially with the pandemic and our economy in shambles. If Cha-cha pushes through now, then foreigners would have a heyday gobbling up wholesale what is left in our already much-liberalized economy,” Zarate said.
Critics likewise feared that the proposed Cha-cha will include political provisions such as term extension for lawmakers.
However, House committee on constitutional amendments panel chair Alfredo Garbin Jr. repeatedly assured that the proposed amendment will only cover the economic provisions of the 1987 Constitution.
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