A committee of the House of Representatives has adopted a resolution calling for amendments to the economic provisions of the Constitution, which focuses primarily on lifting foreign ownership limits on certain industries.

The committee on constitutional amendments voted 24-2 with one abstention to approve  Resolution of Both Houses No. 1, filed by Speaker Feliciano Belmonte Jr.

Belmonte, the honorary chairman of the National Unity Party (NUP), proposed the insertion of the phrase “unless otherwise provided by law” in certain economic provisions of the 1987 Charter.

This, he said, would allow Congress to make the necessary adjustments  to the country’s economic policies, particularly on relaxing the 60-40 rule that limits foreign ownership in certain industries.

The phrase will specifically be added to Sections 2, 3, 7, 10 and 11 of Article 12 on National Patrimony and Economy. It will also be added to Section 4, paragraph two of Article 14 on Education, Science and Technology, Arts, Culture and Sports, and to Section 11, paragraphs one and two of Article 16 -- the General Provisions of the 1987 Constitution.

These provisions cover land ownership, public utilities, educational institutions, mass media and advertising.

Belmonte assured the public that changes would "only focus on easing the restrictive economic provisions of the Constitution and nothing else".

"I will personally block any attempt ... I will stop the plenary debate if there’s a move on term extension," Belmonte noted.

Rep. Elpidio Barzaga of Dasmariñas City, the vice president for external affairs of the NUP, supported the amendments, saying that the country’s economic policies cannot be stagnant.

“Now, it is 60-40. We can make it 40-60 [in the future] in favor of foreigners to encourage more investors, or even 70-30 at that [in favor of foreigners]. But if there comes a time when we already have enough foreign investments coming in, we can make it again 70-30, in favor of Filipinos. When that happens, those foreigners who acquired investments under the old rule won’t lose it,” Barzaga said.

Rep. Rodel Batocabe of the Ako Bicol party-list, which is allied with the NUP, agreed. “We must be able to adopt to changing realities and this measure gives Congress that flexibility.”

The committee chairperson, Rep. Mylene Garcia-Albano of Davao City,  said a panel report would be prepared immediately so that it could be calendared for second reading approval before the plenary.

Leaders of Philippine and foreign business groups have rallied behind the call of Speaker Feliciano Belmonte Jr. to lift the restrictive economic provisions in  the Constitution to generate more jobs, lower consumer prices and increase economic productivity.

Among them were Michael Raeuber and Henry Schumacher of the European Chamber of Commerce of the Philippine; John Forbes and  Kent Primor of the Australian-New Zealand Chamber of Commerce of the Philippines;. Nobuo Fujii of the Japanese Chamber of Commerce and Industry of the Philippines; Ramon del Rosario of the Makati Business Club;

Eduardo Yap of the Management Association of the Philippines; Sergio Ortiz Luis of the Philippine Chamber of Commerce and Industry;  Luis Miguel Aboitiz of the Philippine Independent Power Producers Association; Donald Dee of the Export Development Council; and Calixto Chikiamco of the Foundation for Economic Freedom.