The Philippine American Chamber of Commerce (AmCham) has joined the call for the Senate to…
Padilla: Unlock RCEP benefits with a new charter.
Even as the Senate approved the Regional Comprehensive Economic Partnership on Wednesday, Senator Robinhood “Robin” C. Padilla argued that changing the Constitution’s economic provisions is the only way to improve the suffering of farmers (RCEP).
The rice tariffation law, which permitted the importation of rice and caused palay prices to fall, had a similar impact on farmers as the RCEP, according to Padilla, who voted in favor of ratification.
The upper chamber approved Senate Resolution 485 on Tuesday night with 20 yes votes, one no vote, and one abstention. It was supported by Senate President Juan Miguel “Migz” Zubiri and Senate President Pro Tempore Loren Legarda.
Senator Imee Marcos abstained, while Senator Risa Hontiveros opposed ratification of the RCEP of the senators that cast ballots.
Being part of the Association of Southeast Asian States (Asean) and trading partners Australia, China, Japan, South Korea, and New Zealand, the Philippines is the most recent RCEP signatory to agree to the agreement’s ratification.
According to Padilla, the RCEP, like every other trade agreement the Philippines has signed, may make it easier for foreign goods to enter the country.
The senator is attempting to change the economic rules of the 1987 Constitution to permit the entry of foreign investors, which are currently limited to a maximum of 40%.
“When you buy their product, you can also buy their investment. (If foreign goods enter the Philippines as a result of the RCEP, foreign investments should too. Pinayagan natin sila magbaha ng producto dito. Nevertheless, we don’t accept as many foreign investments as we do foreign goods “He said, “How can it be competitive if the Constitution is out of date,” during a media discussion.
He suggested doing this via a constituent assembly with members of the Senate and House of Representatives voting separately in his Resolution of Both Houses No. 3.
The chairman of the Senate Committee on Constitutional Amendments and Revision of Laws, Padilla, argued that a constituent assembly, with representatives from both houses of Congress voting separately, would be the most practical approach to change the Charter’s economic provisions.
“An independent constitutional convention was held, with the consent of the people. Chief Justice Puno stated that he could not control what was happening with the uupo in his recent statement, which is the problem. Possibly a congressman, senator, pinsan, or oligarch will make an asawa. A constitutional convention is independent, with delegates chosen by the general public. Nag-aksaya tayo ng panahon, nag-aksaya tayo ng pera But, as former Chief Justice Reynato Puno noted, we have no way of knowing who the delegates would be; they might be close family members of a legislator in office or a stooge of an oligarch. If this occurs, we risk wasting both time and money “explained he.
The senator announced that he intends to hold public hearings on the Philippine islands of Luzon, Visayas, and Mindanao, including Baguio City, Cebu, and Davao City (starting March 2 in Davao).***
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