Ex-Finance chief backs Constitutional economic amendments

MANILA, Philippines - A former member of the Preparatory Commission on Constitutional Reforms has  expressed support to House Speaker Feliciano Belmonte Jr.'s Resolution of Both Houses no. 1, which seeks to amend certain economic provisions of the 1987 Constitution.

Margarito Teves, who is also chairman of the Think-Tank Inc. and former Department of Finance Secretary, said the amendment is vital in achieving the Aquino administration's inclusive economic growth.

Belmonte proposes to amend certain economic provisions of the fundamental law, by way of adding the phrase "unless otherwise provided by law".

This is aimed at giving Congress the needed leeway to adjust, by legislation, the country's policies in response to needs of the times, Belmonte said.

The process would require three-fourths vote of the Senate and the House voting separately on the proposed amendments which, may ultimately be ratified by the people in a national plebiscite before it can take effect.

"The proposed change is just a key to unlock the country's vast potentials for growth," the Speaker said.

Teves said that the proposed changes would accelerate the creation of needed jobs and economic opportunities to address the growing unemployment and reduce poverty.

Teves was one of the resource persons at the ongoing public hearing being conducted by the House Committee on Constitutional amendments chaired by Davao City Rep. Mylene Garcia-Albano.