THREE economic bills certified as urgent by President Duterte are “piecemeal” amendments to the Constitution that would eventually allow foreigners to own 100 percent of businesses in the country, including public utilities, a militant lawmaker said yesterday.
Rep. Arlene Brosas (PL, Gabriela) was referring to Senate Bill Nos. 2094 (amending the Public Service Act), SBN 1156 (amending the Foreign Investments Act), and SBN 1840 (amendments to the Retail Trade Liberalization Act), all measures already approved by the House of Representatives.
“Piecemeal Cha-cha itong cinertify as urgent at pinapamadaling ipasa ni Pangulong Duterte na tatlong economic measures. Dahil bigo silang makumbinsi ang sambayanan sa Cha-cha kahit may pandemya, gusto ni Duterte na ipasa na ng Senado ang mga panukalang ito (These economic measures that President Duterte has certified as urgent is piecemeal Charter change. Duterte wants the Senate to rush their approval because the administration failed to convince the public to support Cha-cha amidst the pandemic),” she told reporters in an online press conference.
The President certified the passage of the measures as urgent “in order to address the immediate and continuing need for legislative reforms to provide a more conducive investment climate, increase job opportunities, foster more competition, and further spur the country’s economic growth.”
Brosas however said the bills, in essence, are meant to open the country to more foreign capital to the detriment of local business owners.
“When these become laws, small local businesses will suffer more. 100 percent foreign ownership of the water, and power sectors and retail industry will now be allowed,” said the left-leaning lawmaker.
Rep. Alfredo Garbin (PL, Ako Bicol), chair of the House committee on constitutional amendments who is pushing for economic Chac-cha, said the measures will stimulate the inflow of Foreign Direct Investments (FDI) into the economy by amending the Public
Service Act, Foreign Investment Act and Retail Trade Liberalization Act.
“Parenthetically, these three economic measures certified as urgent by the President work towards improving the overall competitiveness of the country to attract Investment,” he said.
Garbin said economic Cha-cha is needed to relax the “restrictive” economic provisions of the Constitution because the passage of the three bills “can only do so much.”
“A look into the restrictive provision of the 1987 Constitution which have hampered the inflow of FDIs in the country is also warranted. The investment-to-GDP ratio of the country is still very low and FDI is one of the lowest in the region. With the contraction of our economy, we owe it to the Filipino people to enact all necessary legislations to improve and stimulate our economy including the timely lifting of restrictive provisions in the Constitution,” he said.
The House is still holding plenary deliberations on Speaker Lord Allan Velasco’s Resolution of Both Houses No. 2 or the economic Cha-cha bill.
