House approves RBH No. 7 on foreign ownership amendment

The House of Representatives has moved closer to amending the 1987 Constitution by approving Resolution of Both Houses (RBH) No. 7 on its second reading Wednesday.

During the session, RBH No. 7 was approved through voice voting and aligns with the Senate's RBH No. 6.

The proposed amendments aim to add the phrase 'unless otherwise provided by law' to three specific sections of the Constitution concerning foreign ownership in public utilities, basic educational institutions, and the advertising industry.

These changes would permit Congress to establish laws that set rates for foreign investment in these sectors, with existing restrictions being 60 percent Filipino ownership for public utilities and educational institutions, and 70 percent for the advertising industry.

The resolution also restates the provision of the Constitution allowing Congress to propose amendments upon a vote of three-fourths of all its members.

If both chambers approve the amendments and they are ratified by a plebiscite, the Constitution will allow greater flexibility in setting foreign ownership limits through legislation.