By Sammy F. Martin
MANILA, May 12 (PNA) — Speaker Feliciano Belmonte Jr. on Tuesday admitted that “big effort” is needed to pass his economic Charter change (Cha-cha) bill in the House of Representatives.
Belmonte said that at least 197 votes are needed for Resolution of Both Houses 1 or the economic Cha-cha to pass the third and final reading.
“We will be able to approve it on second reading in June (before our sine die adjournment), but big effort will be needed during the third reading,” he said in an interview at the sideline of the weekly forum, Ugnayan sa Batasan.
The House of Representatives uses viva voce voting for second reading while nominal voting for third reading.
Belmonte insists that Cha-cha is a larger contributor to economic growth as foreign direct investments (FDI) are seen to increase once ownership on estates and corporations, one of the issues raised by investors for not investing in the country, is relaxed.
The Speaker added that the government may hold the plebiscite for Cha-cha alongside the 2016 national elections instead of spending a separate election, which needs at least Php7 billion to Php8 billion.
“If we don’t have funds for the plebiscite it is okay for me to conduct the plebiscite for Cha-cha alongside the 2016 presidential elections,” he said, adding, “the plebiscite is the crucial thing for economic Cha-cha.”
According to the Commission on Elections, the highest turnout of voting population participating in a particular election is during presidential elections.
Moreover, Belmonte said that the Lower Chamber is still the main proponent of the economic Cha-cha and senators would still wait for the House version once it passed the third reading before the Upper House tackles it.
To date, RBH 1 is still under period of interpellations in the plenary.
The Resolution, filed by Belmonte and Sen. Ralph Recto aims to amend economic provisions on the 60-40 rule that limits foreign ownership of certain activities in the Philippines.
The resolution will include the phrase “unless provided by law” in the foreign-ownership provision of the Constitution, particularly land ownership, public utilities, natural resources, media and advertising industries.
Under Article XII of the Constitution, which ratified during the term of the President’s mother, then-President Corazon Aquino, foreign investors are prohibited to own more than 40 percent of real properties and businesses, while they are totally restricted to exploit natural resources and own any company in the media industry.
President Benigno Aquino III has expressed his stance against Cha-cha until 2016. (PNA)