Senator Robin Padilla on Wednesday filed Resolution of Both Houses (RBH) No. 3 searching for to amend the financial provisions of the 1987 Constitution by way of a Constituent Assembly (Con-Ass).
Padilla, chairman of Senate committee on constitutional amendments and revision of codes, wished to amend Section 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.
The proposed amendments embrace:
- 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 firms at the least 60% of whose capital is owned by such residents, except offered by legislation.
- Private firms 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, except in any other case offered by legislation.
- Congress could, by legislation, solely for the aim of international direct funding enable aliens to accumulate personal lands not exceeding 1,000 sq. meters in space; and foreign-owned firms 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, except in any other case offered by legislation, to firms at the least 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 firms or associations organized below the legal guidelines of the Philippines at the least 60% of whose capital is owned by such residents, except 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 have to be residents of the Philippines, except in any other case offered by legislation.
- Educational establishments apart from these established by spiritual teams and mission boards shall be owned solely by Philippine residents whereas the management and administration of instructional establishments shall be vested in Philippine residents, except in any other case offered by legislation.
- Ownership and administration of mass media shall be restricted to Philippine residents and solely Filipino residents or firms at the least 70-percent owned by Filipinos shall be allowed to have interaction within the promoting trade, except in any other case offered by legislation.
“These economic provisions perceived to be barriers to trade and investment responsible for the continuous decline of foreign direct investments,” Padilla mentioned in his decision.
“To accelerate economic growth and fulfill its international commitment, the Philippines must amend its Constitution by removing these restrictive economic provisions to allow foreign businesses to directly invest in a more conducive landscape,” he added.
The amendments might be performed by way of the vote of three-fourths of member of Congress, with every House voting individually.
Under Section XVII of the 1987 Constitution, any modification or revision to the Constitution could also be proposed by Congress upon a vote of three-fourths of all its Members or by way of a constitutional conference (con-con).
In a con-con, the individuals who will amend the constitution might be elected by the individuals. —VAL, GMA Integrated News
Source: www.gmanetwork.com
