Amendments of economic provisions under way

Categories: Business Updates

Date Posted: 27 Aug 2014

CONGRESSIONAL leaders said both houses of Congress are set to tackle a resolution seeking to amend the economic provisions of the 1987 Constitution.

Resolution of Both Houses I, authored by House Speaker Feliciano R. Belmonte, Jr., seeks to amend Articles XII, on National Economy and Patrimony; Articles XIV, on Education, Science and Technology, Arts, Culture and Sports; and Articles XVI, on General Provisions of the Constitution.

The amendments are primarily intended to ease restrictions on foreign ownership.

“Our agreement with [Mr.] Belmonte is that once they have passed their proposed amendment in the House, we will work on it in the Senate,” Senate President Franklin M. Drilon said.

House Majority Leader Neptali M. Gonzales II, for his part, said the resolution will be tackled in the plenary on Aug. 26.

He assured there is no initiative in the House to amend the political provisions of the Constitution.

“I really do not know where the reports are coming…. This has started to be a media event, and it has remained, up to this day, a media event,” Mr. Gonzales said in a press briefing Tuesday.

Mr. Gonzales also said, however, that political amendments may also be introduced alongside Mr. Belmonte’s resolution.

The proposed amendments will need 218 votes, or three-fourths of the 290-member House, to be approved on third reading and transmitted to the Senate. — Melissa Luz T. Lopez, Vince Alvic Alexis F. Nonato

 

Source: http://www.bworldonline.com/content.php?section=Nation&title=amendments-of-economic-provisions-under-way&id=93103

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