Connect with us

Hi, what are you looking for?


Pass pending economic bills instead of Cha-Cha urges DTI Chief

Deputy Speaker calls for early approval of economic amendments to Constitution

It would be better to pass pending economic reform measures instead of pushing for Charter Change (Cha-Cha), the Trade and Industry Secretary said on Friday, citing the limited time available to amend the 1987 Constitution.

The House of Representatives is currently conducting preliminary hearings on Resolution of Both Houses No. 2, which seeks to insert the phrase “unless otherwise provided by law” in the “restrictive” economic provisions of the Constitution. House Deputy Speaker Rufus B. Rodrigez, in a statement released Friday,  said that lawmakers need to swiftly approve the amendments to the 1987 Constitution to ease foreign equity restrictions.

The 33-year-old Charter bars foreign investors from owning more than 40% of certain industries.

“We have nothing against that especially if the amendments are on economic restrictions only,” Department of Trade and Industry Secretary Ramon M. Lopez said during a televised press briefing.

Mr. Lopez, however, said there may not be enough time for both chambers of Congress to amend the Charter. The upcoming 2022 national elections may distract lawmakers from passing the proposed measure, he said.

“It would be easy if we can (liberalize the economy) by amending some laws and not necessarily constitutional amendment,” the Trade chief said, adding that the “talks” about charter change would only generate controversy. 

He urged lawmakers to focus on legislating measures reforming the country’s economic policies “in the last few months of the current administration.”

Cha-Cha moves

Meanwhile, House Deputy Speaker Rufus B. Rodrigez said lawmakers have to act quickly to amend the 1987 Constitution. “Considering the tight timeline, I call for an early approval of the amendments to these economic provisions by the House Committee on Constitutional Amendments… so that this can be sent to the plenary of the House of Representatives,” he said.

Members of the lower house first convened a “Constituent Assembly” during a committee hearing on Wednesday to discuss the proposed changes on the Constitution, which will lift current restrictions on foreign ownership. Mr. Rodriguez said deliberations made by the congressmen are only “preparatory and recommendatory” to prepare for the plenary of the lower house. The House of Representatives reopens sessions next week.

“The Constituent Assembly is solely lodged with the plenary session of all members of the House of Representatives acting as a Constituent Assembly,” he said.

Congressmen assured that only economic provisions will be revised and not the political provisions, attempting to allay fears that this might signal a push for President Rodrigo R. Duterte’s longtime campaign to change the form of government to Federalism.

Opposition lawmakers earlier said their colleagues might also use Cha-Cha to extend the terms of politicians.  

House Speaker Lord Allan Jay Q. Velasco earlier this week emphasized the need for revisions to the charter’s economic provisions to improve the investment climate of the Philippines, whose economy fell significantly due to a strict lockdown imposed earlier last year. The country has gradually reopened its economy since the strict lockdowns of early 2020 which were done in reaction to the COVID-19 pandemic. — Kyle Aristophere T. Atienza 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 and our affiliates. Remember that you can opt-out any time, we hate spam too!



MORE than half of students in the Philippines consider temporarily dropping out of school until the coronavirus pandemic ends mainly due to difficulties in...


The Public Works department has ramped up the completion of projects such as the Sta. Monica-Lawton Bridge also known as the Kalayaan Bridge. —...


THE BUREAU of the Treasury (BTr) raised its planned borrowings from the local market to P235 billion in July, as it seeks to offer...


By Jenina P. Ibañez, Reporter MANILA is the 78th most expensive city for expatriates to live in according to Mercer’s 2021 Cost of Living...


LOCAL GOVERNMENT UNITS (LGUs) could boost their real property tax (RPT) collection by P113.4 billion with the implementation of a project that will digitize...


THE Department of Energy (DoE) has ordered National Grid Corp. of the Philippines (NGCP) to speed up the acquisition of the required ancillary services...

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 and our affiliates. Remember that you can opt-out any time, we hate spam too!