The House of Representatives approved on Wednesday Resolution of Both Houses 7 (RBH 7) which seeks to lift foreign equity limits on education, public utilities and advertising in the 1987 Constitution.
The RBH No. 7 was approved via viva voce or voice voting.
The proposed House and Senate changes are on the grant of legislative franchises to and ownership (60-40) of public utilities in Article Xll, ownership of basic educational facilities (60-40) in Article XlV and ownership of advertising firms (70-30) in Article XVl.
The suggested principal amendments are the insertion of the phrase, “unless otherwise provided by law,” which would empower Congress to lift or relax present economic restrictions in the nation’s basic law, and the addition of the qualifier “basic” in Article XlV.
RBH No. 7 and RBH No. 6 also restate the provision of the Constitution that Congress may propose amendments “upon a vote of three-fourths of all its members.”
The proposed amendments would enable Congress to enact legislation dictating the percentage of foreign ownership for these businesses if they are accepted by the House and the Senate and confirmed in a plebiscite.