Financial news

Philippines House of Representatives votes to amend economic provisions of constitution – JURIST

The Philippines House of Representatives announced Monday that a resolution calling for a constitutional convention was passed by a majority of 301-6. Resolution of Both Houses No.6 provides for a constitutional convention where both appointed members and members elected by public polls will explore amendments to select economic provisions of the constitution.Speaker Ferdinand Romualdez, one of the key authors of the resolution, stated the resolution is aimed at changing “the restrictive economic provisions of the basic law in the hope that the changes would pave the way for the country to attract more foreign investments,” which would assist in creating more jobs and boosting government income. The resolution itself noted that the amendments are required for the Philippines to remain economically competitive in the current global climate, with the reforms being labeled “long overdue.”The resolution follows a number of public hearings and consultations, and while three options are available for constitutional reform, the calling of a convention was stated to be the most “transparent, exhaustive, democratic, and least divisive” method. The resolution must now go to the Senate and the Chairman of the Committee on Constitutional Amendments, Rufus Rodriguez.Rodriguez, another author of the resolution, called on the Senate to be “open-minded” and recognize the widespread support and need for the amendments.The current Philippine Constitution was ratified by a plebiscite in 1987.