Congress may screen out 'risky' investors like China under new laws

Congress can exclude 'risky' investors like China from foreign investment laws if constitutional economic reforms are approved, according to Cagayan de Oro City 2nd District Representative Rufus Rodriguez.

Rodriguez emphasized that Congress could implement a screening process in enabling legislation to prevent investments from countries with conflicts with the Philippines, such as those over the West Philippine Sea.

Makabayan bloc lawmakers have raised concerns about potential Chinese control of electricity generation and transmission, noting that China currently controls 40% of power transmission in the country through the National Grid Corporation of the Philippines (NGCP).

Rodriguez cited similar US and UK legislation aimed at monitoring and screening foreign investments from countries like Russia and China due to conflicts with these nations.

The House of Representatives plans to approve proposed economic Charter amendments on second reading this week, with final approval expected next week before the Holy Week break starting March 23.