Senate resumes cha-cha inquiry
The Philippines is among the most restrictive countries when it comes to foreign ownership in particular sectors
Daily TribuneThe Philippines is among the most restrictive countries when it comes to foreign ownership in particular sectors
The Senate resumed its public hearings on the proposed amendments to the economic provisions of the 1987 Constitution yesterday (Wednesday).
Senator Sonny Angara, who chairs the subcommittee on constitutional amendments and revision of codes, said the chamber opened its fifth hearing on the Resolution of Both Houses 6 (RBH6) which proposes to amend three provisions of the Charter that deal with opening up public utilities, education and advertising to foreign ownership.
Angara said the hearing focused on the advertising industry, which the Constitution states “is impressed with public interest and shall be regulated by law for the protection of consumers and the promotion of the general welfare.” As such, foreign equity in advertising is limited to 30 percent.
Angara said the Philippines “is among the most restrictive countries” when it comes to foreign ownership in particular sectors.
“We have heard the arguments for and against the opening up of public utilities and higher education in our previous hearings and now we will listen to the opinions of the stakeholders of the advertising sector,” he said.
Representatives from major advertising agencies; television, radio, and cable companies; print media organizations; and the government agencies concerned attended the hearing to provide input on the regulation of the media industry and investments in general.
Angara said the committee is eyeing to hold public consultations on the bill outside Metro Manila in the coming weeks, as suggested by Senate President Juan Miguel Zubiri.
