House panel OKs Cha-cha resolution

By Jenny Reyes, ABS-CBN News

Posted at Mar 03 2014 06:33 PM | Updated as of Mar 04 2014 02:33 AM

MANILA - The House of Representatives Committee on Constitutional Amendments has approved a resolution that seeks to amend economic provisions of the Constitution.

House Resolution 1 seeks to amend or revise articles of the Constitution that cover restrictions on foreign land ownership and military bases. The resolution seeks to add the phrase "unless otherwise amended by law" to articles in the Constitution that specify 40% limits to foreign ownership of land and businesses.

Twenty-four congressmen voted in favor of the resolution, two opposed while a lone congressman, Pampanga 3rd District Rep. Oscar Rodriguez, abstained.

The resolution will now be presented before the plenary for 2nd reading.

Speaker Sonny Belmonte has openly backed the Charter change proposal, saying it will increase foreign investments in the country. Belmonte, a known ally of the President, is the principal author of Resolution No. 1.

President Aquino has opposed the move, saying the Philippines is doing well even without amending the economic provisions of the country.