The House of Representatives is working towards the presentation of constitutional amendments for the public’s ratification alongside the 2022 national elections, Speaker Lord Allan Velasco recently stated.
In July 2019, Velasco had filed Resolution of Both Houses No. 2, which tackles and proposes amendments to certain economic provisions of the 1987 Constitution.
Ako Bicol Rep. Alfredo Garbin said the House will continue its deliberations on charter change on Wednesday, January 13.
“We hope to finish the debates before the end of 2021 and present it to the public for ratification alongside the election of new leaders in the 2022 national elections,” Velasco said.
The proposed legislation wants to “free up the economy to foreign investors, or maintain the status quo” by amending provisions in the Constitution that prevent foreign ownership of land and businesses in the country.
“Foreign investment plays a crucial role in the Philippine economy by supporting domestic jobs and the creation of physical and knowledge capital across a range of industries. The need to attract foreign capital is critical to support our economy’s recovery from COVID-19,” Velasco said.