House panel approves constitutional change to increase foreign ownership

On Wednesday, the House Committee of the Whole approved Resolutions of Both Houses No. 7 (RBH 7), which aims to amend the Constitution by allowing increased foreign ownership in vital industries such as education, public utilities, and advertising.

The resolution inserts the phrase 'unless provided for by law' into clauses on ownership, transferring power to Congress to change these restrictions through legislation.

Kabataan party-list lawmaker Raoul Manuel opposed the move, arguing that foreign capital alone cannot solve societal inequalities and calling for government protection of disadvantaged groups.

Former finance secretary Margarito Teves and the DFA support RBH 7, asserting it will attract much-needed foreign investment to boost productivity and address low wages.

Four opposition lawmakers voted against the resolution, citing procedural and substantive flaws in its adoption process.

Deputy Majority Leader Neptali 'Boyet' Gonzales II said lawmakers are hoping the resolution would be approved on second reading by March 13.