Follow us for updates
© 2022 reportr.world
Read the Story →

Sotto: Economic Cha-Cha Short on Time Before June Break

Only one week left before Congress adjourns session.
by Erwin Colcol
May 27, 2021
Photo/s: Senate PRIB/Handout
Shares

Charter change that seeks to allow increased foreign investments in the Philippines might need to wait until July as the Senate no longer has time to tackle it close to the June 4 break, Senate President Vicente Sotto III said Thursday.

Sotto said there's not enough time until both chambers adjourn for the Senate to discuss Resolution of Both Houses No. 2, which the House of Representatives approved on second reading only on Wednesday.

This means that if the House of Representatives gives its final approval to the measure before adjournment, the Senate will only be able to tackle it once Congress resumes session in July.

ALSO READ:

Session is Adjourned: Why Lawmakers Going on Break Matters

Resolution of Both Houses No. 2 inserts the phrase "unless otherwise provided by law" to the constitutional provisions on national economy and patrimony; education, science and technology; arts, culture, and sports; and on its general provisions. This gives Congress more leeway to enact laws that would free up the economy to foreign investors.

Continue reading below ↓

The 1987 Constitution bars foreign ownership in industries that are important to national interest such as mass media and limits it to 40% in other areas.

Continue reading below ↓
Recommended Videos
Latest Headlines
Read Next
Recent News
The news. So what? Subscribe to the newsletter that explains what the news means for you.
The email address you entered is invalid.
Thank you for signing up to On Three, reportr's weekly newsletter delivered to your mailbox three times a week. Only the latest, most useful and most insightful reads.
By signing up to reportr.world newsletter, you agree to our Terms of Service and Privacy Policy.