Economic Cha-cha hard to sell, Belmonte admits

Speaker Feliciano Belmonte, Jr. admitted on Wednesday that his measure to change the economic provisions of the Constitution to attract more investments will be difficult to pass because it will need the vote of 192 members of the House of Representatives.

Belmonte is referring to his Resolution of Both Houses (RBH) No. 1 which seeks to scrap the 40 percent restriction on foreign ownership on public utilities, media entities, land and exploration of natural resources and lift the 30 percent limit of foreign ownership of advertising firms and other business ventures.