SUMMARY
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The House of Representatives adopted on third and final reading on Tuesday, June 1 the Resolution of Both Houses No. 2 (RBH 2) which proposes amendments to the economic provisions of the Philippine Constitution.
Voting 251-21 with 2 abstentions, the House approved the RBH 2, passing the ball to the Senate to decide whether to adopt or reject of the resolution. (READ: Senators still ‘not inclined’ to back economic Cha-Cha)
RBH 2 adds the line “unless otherwise provided by law” to the economic provisions of the 1987 Constitution.
If approved by the Senate, the resolution would empower Congress to pass laws lifting current restrictions on foreign investors. The primary proponent of the resolution, AKO Bicol Representative Alfredo Garbin, said the House and Senate would vote separately on the proposal.
Proponents of the resolution argued that easing up restrictions against foreign investments would help the Philippine economy rise faster from the economic collapse dealt by the coronavirus pandemic.
Critics, meanwhile, flagged the opening of the economy to the possibility of the Philippines entering abusive deals with more powerful nations. Quezon City 6th District Representative Kit Belmonte earlier pointed to Sri Lanka, which accumulated so much debt with China, that it had to give up a key port to the Asian superpower. – Rappler.com
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