The House of Representatives on Wednesday approved Resolution of Both Houses No.7 seeking to amend the 1987 Constitution to allow foreign ownership in vital industries on third and final reading.
The House of Representatives on Wednesday approved on thrid and final reading Resolution of Both Houses 7 which seeks to amend the 1987 Constitution and allow foreign ownership in vital industries.Speaker Martin Romualdez said the proposed removal of constitutional limitations on the foreign ownership in certain sectors was the “last piece in the puzzle of investment measures” of the administration of President Ferdinand "Bongbong" Marcos Jr. .
We assure the business community and our people that we are working on the other factors that affect investments, like ease of doing business, the high cost of electricity, infrastructure, and similar issues,” he added.In an earlier press conference, House Deputy Speaker and Quezon lawmaker Jayjay Suarez said the Senate should work with the House of Representatives in ensuring that the proposed economic amendments to the 1987 Constitution will be subjected to a plebiscite or the people’s vote.
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