Connect with us

Hi, what are you looking for?


One-line ‘Cha-cha’ easier to pass, top Senate leader says

THE SENATE might push for a one-line amendment of the 1987 Constitution that will relax foreign ownership limits to increase its chances of being passed, its top leader said on Wednesday.

“If you’re talking about Charter amendments, it might take time,” Senate President Vicente C. Sotto III told an online forum on Wednesday in mixed English and Filipino. “If you’re talking about a charter amendment, there’s a chance.”

Some lawmakers want to insert the line “as may be provided by law” in economic provisions of the Constitution that reserve 60% ownership of certain areas of investments to Filipinos. This will allow legislators to pass a measure that will increase the 40% limit on foreign investors.

Mr. Sotto earlier said they might also amend a clause on the party-list system, but he now wanted to file a bill instead.

“I will be drafting a bill that will amend the party-list law to make it clearer,” he said. “That way, we would no longer be subject to the interpretation of the Supreme Court or whoever.”

A plebiscite on Charter change (Cha-cha) could be held next year, Mr. Sotto said, dismissing fears that it may be used to extend the terms of incumbent officials.

Separate resolutions seeking to convene the House of Representatives and Senate as a constituent assembly to proposed changes to the Constitution have been filed.

Speaker Lord Allan Q. Velasco earlier said changing the Charter’s economic provisions was urgent amid a coronavirus pandemic.

Meanwhile, Aurelio R. Montinola III, the newly appointed president of the Management Association of the Philippines (MAP) said reopening the economy to more foreign investments would benefit the country.

“Freer trade has always been beneficial in general,” he told the ABS-CBN News Channel, adding that Filipino-owned businesses remain competitive.

Mr. Montinola said he would leave the debates about the wisdom of constitutional change to the experts.

“Our main task is to safely reopen the economy given the existing conditions,” Mr. Montinola said, referring to the coronavirus pandemic.

The Makati Business Club (MBC) has said changing the Constitution now would divide the nation. All major presidential and congressional candidates should instead commit to relax the limits in the basic law once they start their new terms.

The Philippine Chamber of Commerce and Industry (PCCI) this week lawmakers to instead prioritize the passage of pending economic bills.

American and European business groups in the Philippines said they support Charter change to improve the country’s competitiveness in attracting foreign investors and spur an economic rebound.

Also on Wednesday, Marikina Rep. Stella Luz A. Quimbo said the Philippines should allow limited foreign ownership of land just like some of its neighbors.

The government should set conditions, including ensuring that foreigners use land for their operations and not for investment.

“If a foreigner owns land but does not use it in a specified period of time, the state can forfeit it,” she said in mixed English and Filipino at a House hearing on Charter change.

The Constitution limits land ownership to Filipino citizens. — Charmaine A. Tadalan, Jenina P. Ibañez and Gillian M. Cortez

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



Headline inflation stood at 4% in July, the government reported on Thursday. — PHILIPPINE STAR/ MICHAEL VARCAS PHILIPPINE INFLATION eased to a seven-month low...


ALL COMPANIES included in the Philippine Stock Exchange (PSE) indices will be required to raise their public float level to 20% by December 2022,...


THE PHILIPPINES should focus on diversifying its economy to produce high-quality jobs and more competitive products, according to the United Nations in the Philippines....


SAN Miguel Corp. (SMC) returned to profitability to finish the first half with a net income of P29.57 billion, reversing last year’s P3.99-billion loss,...


AYALA-LED AC Energy Corp. reported an attributable net income of P1.42 billion in the second quarter, down by 28% from P1.97 billion year on...


PLDT, Inc. saw its attributable net income for the second quarter grow 10.9% to P7.1 billion, as high demand for data and broadband continued....

You May Also Like


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...


US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...


THE Securities and Exchange Commission (SEC) has warned the public from investing or to stop any investment in a group named Maxxprofit Computer Trading...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!