Proposed amendments to the 1987 Constitution that aim to strike out its restrictive economic provisions have hurdled the second reading stage of the House of Representatives.

Under  Resolution of Both Houses No. 1 (RBH 1), these proposed changes would be carried out by simply  inserting the phrase “unless otherwise provided by law” to certain economic provisions of the Constitution, particularly those under Articles XII, XIV and XVI.

"The amendment would serve as the key to open the door for Congress to craft a law, in consultation with all concerned sectors of society, which would maximize the influx of foreign direct investments into the country without prejudice to national patrimony," Speaker Feliciano Belmonte Jr. said.

Belmonte, an honorary chairperson of the National Unity Party (NUP),  is the primary proponent of the move to amend the Charter’s economic provisions.

NUP members and their partylist allies have supported the Speaker’s measure by co-authoring it. They include Representatives Emil Ong of Northern Samar and Karlo Alexei Nograles of Davao City; Rodel Batocabe and Christopher Co of AKO-Bicol, and Anthony Bravo of COOP-NATCCO.

The authors pointed out that adding the phrase "unless otherwise provided by law" in pertinent provisions of the Constitution would provide flexibility in the crafting of economic policies “in accordance with the demands of global economic realities without sacrificing national interest.”

Once approved by both houses of Congress, the Constitution’s economic provisions could be made more flexible, opening the gates for increased foreign ownership and investments in the country.

RBH 1 would give the next Congresses the go-signal to enact future laws allowing full foreign ownership in selected Philippine industries.

Under the Constitution, Filipino investors should have a majority stake of 60 percent in Philippine business ventures, with foreigners allowed to own up to only 40 percent.