Economic Cha-cha gets final House OK

MANILA, Philippines — As scheduled, the House of Representatives approved on third and final reading last night Resolution of Both Houses No. 7 that will relax stringent economic provisions in the 1987 Constitution, in hopes of attracting more foreign direct investments (FDI) into the country.

Voting 288-8 with two abstentions, administration lawmakers stamped their approval on the proposed economic Charter change (Cha-cha), which will introduce key amendments to lift restrictive provisions in public utilities and the education and advertising sectors.

Speaker Martin Romualdez said the final approval of RBH7 came after two weeks of exhaustive plenary deliberations that started last Feb. 26, preceded by two weeks of equally extensive and marathon hearings of the committee of the whole.

Romualdez said the proposed economic amendments are the “last piece in the puzzle of investment measures” that the administration of President Marcos has been taking “to sustain our economic growth, create more job and income opportunities and, in general, make life better for Filipinos.”

“These changes, if ratified by our people in a plebiscite, will greatly boost these measures, including our President’s investment missions abroad, which have generated actual investments and pledges in billions of dollars and created thousands of jobs,” the Speaker said.

The approval by Congress and by the people of the proposed amendments “will send a powerful message to foreign investors and the international community that the Philippines is now fully open for business and for investments,” he added.

As pointed out by numerous resource persons during the committee of the whole deliberations, the proposed amendments “are necessary, but not enough” to attract FDI, according to the Speaker.

“We heard the wise counsel and suggestions of resource persons and experts. We assure the business community and our people that we are working on the other factors affecting investments, like ease of doing business, the high cost of power, infrastructure and similar issues,” he said.

Unknown to many, the chief justice that the late former president Cory Aquino appointed, along with the prime minister of the