Economic Charter change bill passes 2nd reading

FOR the first time, the economic Charter change bill inches closer to final approval after the House of Representatives passed the bill on second reading Wednesday.
The plenary approved Resolution of Both Houses 1 authored by Speaker Feliciano Belmonte Jr. on second reading by voice voting.

The resolution seeks to ease foreign restrictions in the Constitution by inserting the “unless otherwise provided for by law” phrase in the provision granting 60-percent ownership to Filipinos and 40-percent on foreign investments.

This means amending the Constitution would only require a simple legislation that needs to be approved by both chambers of Congress and subjected to a plebiscite.

Charter change has failed in the previous Congresses due to criticisms that it could be used to extend the term limits of elected public officials.

Speaker Belmonte said it is a historic first that the Charter change bill reached the plenary.

He said the House will need the votes of three fourths of 290 representatives, or almost 200 solons, to pass the bill on third reading.

“I am extremely happy about this. This is the first attempt to amend the Constitution which had reached this point,” Belmonte, the main author of the bill, said.

Belmonte said the bill once approved by both Houses need not be signed by the President because it will be approved in a plebiscite. AC