Speaker Martin Romualdez suggested adopting Vietnam’s approach to foreign direct investments by allowing long-term leases of Philippine lands to foreign investors, aligning with Senate President Francis Escudero’s initiative.
This stance deviates from the House-approved Resolution of Both Houses 7 (RBH 7), which seeks to ease prohibitive economic provisions in the 1987 Constitution.
Romualdez clarified that while lands will not be sold to foreigners, long-term lease contracts of up to 99 years could be offered.
In a recent meeting with Escudero, Romualdez emphasized the importance of amending the Rice Tariffication Law to ensure farmers’ food security and economic stability.
He expressed confidence that the partnership between the House and Senate would facilitate the swift passage and implementation of priority legislation.
Source: PhilNews24 | July 4, 2024
