Sneaky House Economic Cha-cha


Speaker Alan Lourd Velasco tried to pull a fast one with House Resolution no. 2 that seeks to provide a legislative definition on the phrase ” unless otherwise provided for” on economic provisions stated in the 1987 Constitution. Such a simple “correction” has the force of undoubtedly lifting restrictions on ownership of critical industries once reserved to local business groups to foreign entities. What the change does is give the House the power to determine or treat the entry of foreign investors as similar to how they give or treat franchises. Sneaky indeed.

Senators argued against the Resolution citing two reasons: first, such a measure was not discussed in the LEDAC or Legislative-Executive Advisory Council and hence, not a priority bill. And, there are already several bills that are pending in the Senate that address concerns on foreign ownership of several slices of the economy, including utilities. see this story:

Honestly, I just don’t get it why these legislators are so anxious selling off our patrimony including critical infrastructures that are part of what and who we are. Our security right now as a nation is of paramount importance. We just cannot use as a reason the ongoing recession because such a scenario was induced by the government— the very state indeed.

Our friends from the House should recognize that they are custodians of the state and should always put the best welfare of the people in their minds.



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