Senator Robin Padilla on Friday launched a draft copy of the Senate Committee on Constitutional Amendments and Revision of Codes’ report on the measure looking for to reform the financial provisions of the 1987 Constitution through constituent meeting (con-ass).
The committee proposed that the Senate and the House of Representatives amend Sections 2, 3, 7, 10 and 11 of Article XII of the 1987 Constitution, in addition to Section 4(2) of Article XIV and Section 11(1) and (2) of Article XVI, through con-ass by a vote of three-fourths of all its members, with every chamber voting individually.
The proposed amendments embody:
- The State could undertake exploration, growth and utilization of pure assets or could enter into co-production, three way partnership or production-sharing agreements with Filipino residents, or companies not less than 60% of whose capital is owned by such residents, until offered by legislation.
- Private companies could not maintain alienable lands of the general public area besides by lease for at most 25 years, renewable for no more than 25 years, and to not exceed 1,000 hectares, until in any other case offered by legislation.
- Congress could, by legislation, solely for the aim of international direct funding permit aliens to accumulate personal lands not exceeding 1,000 sq. meters in space; and foreign-owned companies to accumulate rural personal lands not exceeding 5 hectares in space.
- Upon advice of the financial and planning company, and when the nationwide curiosity dictates, Congress shall reserve sure areas of funding to residents of the Philippines or, until in any other case offered by legislation, to companies not less than 60% of whose capital is owned by such residents.
- No franchise, certificates, or some other type of authorization for the operation of a public utility shall be granted besides to residents of the Philippines or to companies or associations organized underneath the legal guidelines of the Philippines not less than 60% of whose capital is owned by such residents, until in any other case offered by legislation.
- The participation of international buyers within the governing physique of any public utility enterprise shall be restricted to their proportionate share in its capital and all the manager and managing officers of such company or affiliation should be residents of the Philippines, until in any other case offered by legislation.
- Educational establishments aside from these established by spiritual teams and mission boards shall be owned solely by Philippine residents whereas the management and administration of academic establishments shall be vested in Philippine residents, until in any other case offered by legislation.
- Ownership and administration of mass media shall be restricted to Philippine residents and solely Filipino residents or companies not less than 70-percent owned by Filipinos shall be allowed to have interaction within the promoting business, until in any other case offered by legislation.
“To accelerate economic growth and fulfill its international commitment, the Philippines must amend its Constitution by removing restrictive economic provisions to allow foreign businesses to directly invest in a more conducive landscape,” the report learn.
“The amendment to the Constitution is to allow higher foreign investment or capital in various economic activities that would generate jobs for the people, induce higher wages, improve performance of service sectors and reduce cost of goods and services through economic competition, which are evident benefits gaines by other countries that have eased restriction on [Foreign Direct Investment],” it additional said.
Padilla stated he expects fellow PDP-Laban members — Senators Francis Tolentino, Bong Go, and Ronald “Bato” dela Rosa — to signal the report.
He stated he additionally expects Senator Sherwin Gatchalian to signal the draft report because the latter additionally filed a decision looking for to amend the Charter through con-ass.
In order for the report back to be sponsored within the plenary, Padilla would wish the signatures of greater than half of the 16 members of the committee. —Hana Bordey/KBK, GMA Integrated News
Source: www.gmanetwork.com
