House approves RBH No. 7 to lift foreign ownership limits

The House of Representatives approved Resolution of Both Houses (RBH) No. 7 on Wednesday, aiming to amend the Constitution and allow higher foreign ownership in vital industries.

Resolution 7 passed with 288 yes votes, eight no votes, and two abstentions, removing the 40% foreign ownership limit for public utilities, education, and advertising firms.

Speaker Martin Romualdez emphasized that these changes will boost investment measures and create jobs, while also addressing other factors affecting investments such as ease of doing business and high electricity costs.

Romualdez stated that inserting 'unless otherwise provided by law' in the Constitution allows for swift legislative responses while protecting national interests, aligning with the Filipino people's aspirations for economic prosperity.

House Deputy Speaker Jayjay Suarez urged the Senate to work with the House to ensure a plebiscite on the proposed amendments, giving people the opportunity to decide their future.

FDI in Southeast Asia rose by 5.5% to a record $224 billion in 2022, but the Philippines only attracted $9.2 billion, better only than Cambodia, Myanmar, Lao PDR, and Brunei.