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PRESS RELEASES

SOURCE: Press and Public Affairs Bureau


STATEMENT OF SPEAKER LORD ALLAN VELASCO ON THE PASSAGE OF RESOLUTION OF BOTH HOUSES NO. 2
01 June 2021 09:02:19 PM


At the start of the year, I have instructed the House Committee on Constitutional Amendments to open the discussions on amending the restrictive economic provisions of our 34-year old Constitution, as stated in Resolution of Both Houses (RBH) No. 2 that I have filed way back in 2019.

Our intention then, as now, was purely to help our country rise above this pandemic through liberalizing the restrictive economic provisions in the Constitution that have long prevented us from becoming fully competitive with our Asian neighbors.

The proposed amendment to sections of Article XII (National Patrimony and Economy), Article XIV (Education, Science and Technology, Arts, Culture and Sports) and Article XVI (General Provisions) by simply adding the phrase “unless otherwise provided by law” is meant to free up the economy to foreign investors as the needs of the times dictate. As global economies slowly bounce back from the COVID-19 pandemic, the Philippines must be ready to ride the wave or risk being left behind by its Asian neighbors.

We thank our colleagues in the House of Representatives for passing this measure on third and final reading. We especially thank the chairman of the Committee on Constitutional Amendments, Alfredo Garbin, Jr., who has tirelessly defended the bill in plenary. Through Chairman Garbin, the public saw that this was purely for economic reforms and no more.

We hope our colleagues in the Senate will see the wisdom in this measure, and allow Congress to present it to the public for ratification alongside the election of new leaders in the 2022 national elections. #