22 Abril 2024, Lunes
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Hse optimistic Senate will pass Cha-cha in May
By Nidz Godino
“Utter failure of our country to attract enviable level of foreign direct investment inflows enjoyed by our Southeast Asian neighbors is proof enough that our constitutional restrictions on foreign participation in local businesses is deal-breaker for overseas investors,” administration lawmakers in the House of Representatives are pinning their hopes on their Senate counterparts to pass economic Charter change bill before Congress goes on recess on May 24.
Rep. LRay Villafuerte of National Unity Party is banking on what he describes as assurance given by Senate President Juan Miguel Zubiri to pass Resolution of Both Houses 6 (RBH6).
This should set the tone, Villafuerte said, in eliminating “anachronistic economic provisions that continue to spook investors despite Philippines’ trademark as one of Asia’s best-performing economies pre- and post-pandemic.”
“Senate President Migz Zubiri’s announcement about his chamber fast-tracking release of panel report on RBH6 to make way for plenary deliberations on it in May, is certainly welcome development,” Villafuerte added.
Should this promise be fulfilled, then this certainly “boosts prospects for 19th Congress to soon come up with bicameral push for constitutional reform to finally open wide our economy to foreign investors.”
Senators, however, have said they see no reason to rush Cha-cha, especially after Pulse Asia survey showed overwhelming 88 percent of Filipinos against it.
The earliest that senators see RBH6 being passed, if at all, is October this year, with plebiscite on any changes to be ratified alongside midterm elections in May 2025.
Sheer absence of questions in latest Pulse Asia survey about merits of economic Charter change should “enrage” senators too since Senate’s RBH6 and House’s RBH7 are almost identical, lawmakers said.
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Administration lawmakers raised howl over manner by which survey questions were framed, with House Deputy Majority Leader Janette Garin observing reputable pollster made it like “chopsuey” where non-economic queries were raised, and included issues that were not taken up.
“It’s like inviting Muslim friend to lunch or dinner, but without telling him the menu or food on the table will be pork,” she said, hinting there could have been hand behind survey results.
Meanwhile, majority of young students and community leaders who joined recent consultative session in Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) are in favor of amending Charter’s economic provisions.
“We’re OK with foreign investors because of its benefits to the people… because we are opening employment… more we generate employment, we stop combat and end poverty,” said Abdul Abedin III of Mindanao State University.
Responding to claims that Philippines should first look inward, Abedin said: “If we focus on what is in the Philippines, we don’t create employment, we don’t strengthen tourism…we are open to investments and to enhance tourism,” he added.
He cited the experiences of Malaysia, Singapore, United Arab Emirates and BARMM, which opened up their economies to foreign investments.
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