Amid moves in Congress to change the current Constitution, Deputy Speaker and Pampanga 3rd District Rep. Aurelio Gonzales Jr. has proposed that 40 percent foreign ownership be allowed in mass media for its improvement.
In a statement, the lawmaker shared several of the amendments he submitted via a memorandum to the House Committee on Constitutional Amendments, which is chaired by Cagayan de Oro City 2nd District Rep. Rufus Rodriguez.
He explained that his proposed amendment “means that mass media will remain to be majority-owned and controlled and run exclusively by Filipinos, with foreign ownership to be limited to 40 percent.” “PDRs are investment instruments which earn interest and can be sold for profit. Through PDRs, foreign nationals may directly own shares in mass media corporations, which is not in accordance with the present Constitution,” his statement read.
Another proposal would give Congress the power to relax the present 40 percent foreign participation limit on the exploitation of the country’s natural resources by inserting the phrase, “or as may be provided by law” in Section 2 of Article XII.
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