House approves economic Cha-cha via voice vote

The House Committee of the Whole on Wednesday approved Resolutions of Both Houses No. 7 (RBH 7), which seeks to amend the 1987 Constitution by allowing increased foreign ownership of vital industries.

This developed after the House plenary, via a voice vote, carried the motion made by House Deputy Majority Leader Neptali “Boyet” Gonzales II.

The Charter amendments under RBH 7 provides for the easing of the 40%-foreign ownership limit on education, public utilities and advertising sectors by adding the phrase “unless provided for by law.”

One of the lawmakers who voted no, Kabataan party-list lawmaker Raoul Manuel, asserted that foreign capital is not a magic wand that would cure the longstanding societal ill: unequal opportunities.

“The approval of economic Cha-cha is based on this belief, or dogma, that competition [from foreign companies] will improve our economy. This dogma rejects that fact that there is an uneven playing field worldwide and here in our country,” Manuel said.

“The free market is not as free as we want it to be. The government should protect the disadvantaged, at hindi gastos lang ang nararapat na suporta sa small business, education, research at technological advancement,” Manuel added

(The free market is not as free as we want it to be. The government should protect the disadvantaged. Spending isn’t all the support that’s needed for small business, education, research at technological advancement.)

The House approved RBH 7 after six days of marathon deliberations. — VDV, GMA Integrated News