1 week Ago
Senate of the Philippines. INQUIRER FILES MANILA, Philippines — The Senate on Thursday resumed deliberations on the proposed amendments to the economic provisions of the 1987 Constitution. This time, the Senate subcommittee on constitutional amendments and revision of codes’ hearing will focus on the possible opening up of the advertising industry to foreign ownership as proposed in Resolution of Both Houses No.
6. Past Charter change discussions of the panel centered on easing of restrictions on public utilities and education for foreigners. For the advertising industry, the current Constitution limits foreign equity to only 30 percent.
“It is common knowledge that the Philippines is among the most restrictive countries when it comes to foreign ownership in particular sectors,” Senator Sonny Angara, panel chairman, said in a statement on Wednesday. “We have heard the arguments for and against the opening up of public utilities and higher education in our previous hearings and now we will listen to the opinions of the stakeholders of the advertising sector,” he said. Among the resource persons invited to the hearing on Thursday are representatives of major advertising agencies; television, radio and cable companies; print media organizations; and the government agencies concerned with the regulation of the industry and investments in general.
The committee is also set to hold public consultations in Baguio for the Luzon region and Cagayan de Oro for Mindanao, acco.
