'Bumigay na': Senate 'caved' to Charter change pressure, solon claims --- RG Cruz, ABS-CBN News

MANILA — Kabataan party-list Rep. Raoul Manuel believes the Senate has "caved" under the "desperate" pressure to amend the 1987 Constitution. This, after Senate President Juan Miguel Zubiri filed his own Resolution of Both Houses seeking to relax foreign investment restrictions by a 3/4 vote of both Houses, debating and voting separately. Manuel points out all the modes to amend the Constitution are being exhausted by its proponents. "Before we were still hoping na ang Senado ay magsi-stick doon sa hindi pag-prioritize sa Charter change, pero dahil na rin sa naging pronouncements mismo ng Pangulo na pag-aralan ito, tingin natin bumigay ang Senado," Manuel told media in a Zoom interview at the House of Representatives. The Makabayan Bloc has urged the House to investigate reports that money and government assistance are being offered in exchange for signatures for the initiative that seeks to amend the Charter to explicitly say that the House and Senate vote together to propose amendments to the Charter. The move will make the 24 votes of the Senate irrelevant against the over 300-member House. 'PHILIPPINES SHOULD LEVERAGE FOREIGN INVESTMENTS' Speaking on ANC's "Market Edge", IBON Foundation Executive Director Sonny Africa said opening up certain sectors to foreign investment is good if the government can make sure it actually benefits the Philippines. Africa pointed out that foreign investments make up around 27 percent of the Philippines' Gross Domestic Product. "That is more foreign investment in the Philippine economy than in China, South Korea, and Taiwan, when they were taking off in the 1970s and 1980s. So I think that should draw attention to why is foreign investment not developing the Philippine economy," he said. "Because we don’t have that policy framework to regulate foreign direct investment for development, the gains are very exaggerated and they are really not showing up I think in the macroeconomic figures right now," he said.

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