There are not enough votes to pass the measure, which can amend the Constitution by relaxing limits on foreign ownership of public utilities, Speaker Feliciano Belmonte Jr. said.
Belmonte authored House Resolution 1 which removes restrictions on participation of foreigners in the country’s economy such as: a 40 percent limit on foreign ownership of public utilities, media entities, land and exploration of natural resources and 30 percent limit for advertising firms, and other
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