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.
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.
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.