Speaker Belmonte to pursue Charter change

Speaker Feliciano Belmonte: A big move FILE PHOTO

With or without the endorsement of President Aquino, Speaker Feliciano Belmonte will push for the passage of a charter change resolution to amend the economic provisions of the Constitution early next year, for Congress to eventually pass laws to lift foreign ownership restrictions.

“We just feel that we have an obligation to do it here in the House. We are not part of any movement of the government or anything. It’s just that… I think if we just start it in the House, it’s a big move already because it will move the onus to the Senate,” he told reporters on Wednesday.

Belmonte said he hoped to secure the vote for the charter change resolution from three-fourths of the House membership by the first quarter of 2014.

The Speaker earlier filed the resolution that appended the phrase “unless otherwise provided by law” to the constitutional provision limiting foreign investors’ participation in economic activities in the country.

Act of Congress

But under the Belmonte proposal, foreign ownership of businesses, land and utilities would not be automatic, but would need an act of Congress.

Belmonte on Wednesday said he was confident the proposal will be approved at the committee level when Congress resumes sessions early next year, after which it will be tackled by the plenary.

He acknowledged that the President has apprehensions about the move, especially about the risk that it might open up other provisions of the Constitution to amendments.

But he still intends to pursue the matter and hopes to be able to convince Aquino to get on board.

Plebiscite

He said the process that the resolution that would follow would be simple. It would have to be approved by three-fourths of the House membership and three-fourths of the Senate membership. If approved, it will be subjected to a plebiscite.

Belmonte said that if the House is able pass a charter change resolution limited to the economic provisions, it will show that it is possible to do such a simple thing.

But he said there is no guarantee that some legislators would come up with other proposals to change other provisions of the Constitution, he said.

“There’s no guarantee. It’s our own leadership here and our own sense of what’s possible,” he said.

But then, if other “hodge-podge” proposals are put forward, then the charter change resolution is unlikely to pass, said Belmonte.

Inclusive growth

Belmonte earlier said the amendments were necessary to entice more foreign investors to come in and to allow the country’s growth to be more inclusive.

“What we want is inclusive growth that involves creating jobs and new industries, and I think that’s what we want from FDI (foreign direct investment), not just simpy increasing GNP (gross national product),” he said on Wednesday.

Spreading the wealth

Earlier efforts to amend the Charter have been contentious and gave rise to suspicion that politicians would use it to extend their terms of office.

In the resolution he filed last July, Belmonte noted that the country’s economic growth has not trickled down to the people.

Allowing more foreign investors to come in would help spread the wealth, he said.

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