Speaker: House focuses on opening economy to investments
House Speaker Ferdinand Martin Romualdez delivers his welcoming message on Thursday (November 23, 2023) at the Asia Pacific Parliamentary Forum in Pasay city. (Photo from office of the Speaker)
MANILA, Philippines — House Speaker Ferdinand Martin Romualdez has vowed to do everything in terms of opening the economy to investments and to let the Filipino people benefit from it.
In his speech on Wednesday — the last session day of 2023 — Romualdez reiterated that the House will focus its attention in 2024 on finding ways to deal with economic restrictions in the 1987 Constitution, which hinder the entry of foreign investments into the country.
“Next year, after our yuletide break, we will focus our attention on studying and reviewing proposals that deal with restrictions blocking the entry of foreign capital and investments in the Philippines. These include deliberation on all proposed measures related to constitutional change,” he told the House.
“This congress will champion the cause of revisiting our present constitution. A cause that is key to unlocking the vast potential of our Philippine economy. Gagawin nating lahat para buksan ang ating ekonomiya sa puhunan. Pag-aaralan natin ang lahat ng paraan kung paano makikinabang ang ordinaryong tao sa pag-amyenda ng konstitusyon [We’ll do everything to open the economy to investments. We’ll study every possible way on how ordinary people will benefit from amending the Constitution],” he added.
According to Romualdez, the House can discuss such proposals because the chamber has already disposed of its tasks — having passed important legislation set by the Legislative-Executive Development Advisory Council (Ledac), and the bills mentioned by President Ferdinand Marcos Jr. in his State of the Nation Address (Sona) last July 2023.
Article continues after this advertisementAlso, Romualdez noted that the House and the Senate have already ratified the proposed 2024 national budget, which is up for the President’s signature.
Article continues after this advertisement“This august body recognizes the urgency and significance of addressing the most pressing issues facing our nation.And I am proud to say that everyone have done their share in actively participating in the legislative discussions, building consensus, and advocating for the approval of crucial measures and acting on our people’s concerns,” he said.
“I attribute the high level of legislative performance to the unity in aspirations and unselfish cooperation of the individual members of the House of Representatives. Despite our differences in opinions and beliefs, we worked together to champion the cause of good governance in fulfillment of our common duty to serve the highest interests of the Filipino people,” he added.
READ: Romualdez mulling revisiting Cha-cha for economic provision amendments
On Tuesday, Romualdez and Senior Deputy Speaker Aurelio Gonzales Jr. expressed hope that charter change proposals to open up the economy would be considered in 2024.
READ: House renews push for economic charter change
Proposals to amend the 1987 Constitution with regards to the economic provisions are not new though.Last February 11, Romualdez himself said that amending the Constitution — particularly provisions that block foreign economic investments and ownerships — would be the last piece of the puzzle for economic growth.
READ: Amending Constitution last piece of the puzzle for economic growth — Romualdez
Romualdez said this during President Marcos’ trip to Japan last February, stating that the issue of most foreign investments being barred from entering the country have always popped up during business talks abroad.
