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Manila Bulletin devider Philippines devider National devider Senate panel to hear proposals opening Philippine advertising industry to foreign ownership

Senate panel to hear proposals opening Philippine advertising industry to foreign ownership

Published May 8, 2024 06:53 am

The Senate is set to resume on Thursday, May 9, 2024, its hearings on the proposed amendments to the economic provisions of the 1987 Constitution.

It will be the fifth hearing of the Senate subcommittee on constitutional amendments and revision of codes chaired by Senator Sonny Angara on the Resolution of Both Houses No. 6 that proposes to amend three provisions of the Constitution that deal with opening up public utilities, education and advertising to foreign ownership.

The fifth hearing will focus on the advertising industry, which the Constitution states “is impressed with public interest, and shall be regulated by law for the protection of consumers and the promotion of the general welfare.” As such, foreign equity in advertising is limited to 30 percent.

“It is common knowledge that the Philippines is among the most restrictive countries when it comes to foreign ownership in particular sectors. 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,” Angara 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 conduct public consultations outside of Metro Manila in the coming weeks.

“As suggested by Senate President Migz Zubiri, the committee will hold hearings in Baguio for the Luzon region, Cebu for the Visayas region and Cagayan de Oro for Mindanao. The intention here is to raise awareness of as many people as possible on the proposals to amend the Charter,” Angara said.

“Whatever happens with the current efforts to amend the economic provisions of the Constitution, it is good that we are debating this now in public and more Filipinos will also be discussing this among themselves,” the Senator added.

For the regional meetings, the committee will consult with the relevant local government agencies; regional offices of national government agencies; local government officials including the governors, mayors and congressmen, industry/business leaders; and the heads of educational institutions.

Related Tags

economic charter change Senate of the Philippines advertising Sonny Angara RBH 6
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