House approves RBH No. 7 to amend econ restrictions

The House of Representatives approved Resolution of Both Houses (RBH) No. 7 on Wednesday during a Committee of the Whole meeting after six days of committee deliberations involving various experts and resource persons.

Lawmakers unanimously carried a motion for approval moved by Mandaluyong City Rep. Neptali Gonzales II, with no objections raised.

The proposed amendments include inserting the phrase 'unless otherwise provided by law' to empower Congress to lift or relax economic restrictions in the Constitution and adding the qualifier 'basic' to certain provisions.

Former senator Gregorio Honasan emphasized that amending the restrictive provisions on foreign ownership of public utilities, basic education, and advertising would help raise the country's gross domestic product and attract more foreign investments.

Foreign equity limitations are seen as a binding constraint for investors compared to other ASEAN countries like Singapore and Malaysia.