The dream to change the 1987 Philippine Constitution continues for former Speaker Feliciano Belmonte.
Belmonte, who has been reelected as Representative of the Fourth District of Quezon City, refiled a resolution that seeks to remove the 40 percent restriction on foreign ownership of public utilities and land.
Belmonte’s resolution inserts the phrase “unless otherwise provided by law” to several sections of the Constitution which restrict foreign ownership of land, natural resources, public utilities, media and advertising. Specifically, these constitutional provisions include Sections 2, 3, 7, 10 and 11 of Article XII pertaining to National Patrimony and Economy; Section 4 of Article XIV pertaining to Education, Science and Technology, Arts, Culture, and Sports; and Section 11 of Article XVI pertaining to General Provisions.
“In order to realize the full benefit of inclusive growth, the restrictive economic provisions in the Philippine Constitution—which hamper the flow of foreign capital investments—must be lifted,” Belmonte said in his Resolution of Both Houses No. 2.
“The mandate given to current leaders who advocated for change signifies renewed trust in the government and immense optimism in its ability and commitment to bring about improvement in the quality of life of Filipinos. The growing global interest in Asia provides an opportunity for the Philippines to compete for more investments,” Belmonte said.
Belmonte’s proposal provides that the Senate and the House of Representatives will do the constitutional amendments by a vote of three-fourths of its members, with each chamber voting separately.
Charter change never progressed under the Aquino administration because former President Benigno Aquino 3rd was not in favor of it.