House may vote on economic Cha-cha on or before March 24, says Garbin

House Committee on Constitutional Amendments chairperson Alfredo Garbin Jr. on Friday said the lower chamber is targeting to vote on the proposal to amend the restrictive economic provisions in the 1987 Constitution on or before March 24.

"On or before March 24. I expect an impassioned debate to those who want to retain the restrictive economic provisions but confident enough to get the support of the supermajority coalition who earlier signified their support to RBH 2 (Resolution of Both Houses) No. 2," Garbin said in a message when asked about the timeline on the resolution.

Plenary deliberations on RBH 2 started on Monday. The resolution aims to amend existing economic provisions in the Constitution in a bid to open up the Philippines to foreign direct investments which may help the country recover from the COVID-19 pandemic.

RBH No. 2 inserts the phrase "unless otherwise provided by law" to the constitutional provisions on national economy and patrimony; education, science and technology, arts, culture, and sports; and on general provisions to give Congress flexibility to enact laws that would free up the economy to foreign investors.

Marikina City Representative Stella Quimbo, who sponsored the bill, said there is a need to open the economy to foreign investors because of the lack of domestic capital.

She added that foreign direct investments became more urgent because of the health crisis. —KBK, GMA News