The State shall promote the preferential use of Filipino labor. Domestic materials and locally produced goods, and adopt measures that help make them competitive. Sec. 13 The State shall pursue a trade policy that serves the general welfare and utilizes all forms and arrangements of exchange on the basis of equality and reciprocity. Sec. 14 The sustained development of a reservoir of national talents consisting of Filipino scientists, entrepreneurs, professionals, managers, high -level technical manpower and skilled workers and craftsmen in all fields shall be remoter by the State.
The State shall encourage appropriate technology and regulate Its transfer for the national benefit. The practice of all professions In the Philippines shall be limited to Filipino citizens, save in cases prescribed by law. Sec. 15 The Congress shall create an agency to promote the viability and growth of cooperatives as instruments for social Justice and economic development. Sec. 16 The Congress shall not, except by general law, provide for the formation, organization, or regulation of private corporations.
Government-owned or controlled corporations ay be created or established by special charters in the interest of the common good and subject to the test of economic viability. Sec. 17 In times of national emergency, when the public interest so requires, the State may, during the emergency and under reasonable terms prescribed by It, temporarily take over or direct the operation of any private owned public utility or business affected with public interest. Sec. 8 The State may, in the interest of national welfare or defense, establish and operate vital Industries and, upon payment of Just compensation, transfer to public ownership utilities and other private enterprises to be operated by the Government Article XII, Sections 12 to 22 of the charter also provides additional rules in the field and trade and production, and the practice of professions of individuals. The emphasis Is to give priority and opportunity to Filipinos. Sec. 19 The State shall regulate or prohibit monopolies when the public interest so requires.
No combinations in restraint of trade or unfair competition shall be allowed. Sec. 20 The Congress shall establish an independent central monetary author, the members of whose governing board must be natural-burn Filipino tizzies, of known probity, integrity, and patriotism, the majority of whom shall come from private sector, They shall also be subject to such other qualifications and disabilities as may be prescribed by law. The authority shall provide policy direction In the areas of money, banking, and credit.
It shall have supervision over the operations of banks and exercise such regulatory powers such regulatory powers as may be provided by law over the operations of finance companies and other institutions performing similar functions. Until the Congress otherwise provides, the Central Bank of the Philippines, operating under existing laws, shall function as the central monetary authority. Sec. 21 Foreign loans may only be Incurred In accordance with law and the regulation of the monetary authority.
Information on foreign loans obtained or guaranteed by the Government shall be made available to the public. I OFF considered inimical to the National interest and subject to criminal and civil sanctions, as may be provided by law. Art. XSL Sec 12-22 SOCIAL JUSTICE AND HUMAN RIGHTS As indicated in the Bill of Rights, the priority of the state the welfare of the people. Hush Article XIII, Sections 1 & 2 of the Constitution specifically deals with this Issue. On the highest priority in enacting laws, the state provide, thus: Sec. The congress shall give highest priority to the enactment of measures that protect and enhance the right of all the people to human dignity, reduce social, economic, and political inequalities and remove cultural inequities by equitably diffusing wealth and political power for the common good. Or this end, the State shall regulate the acquisition, ownership, use and disposition of property and its increment. Sec. 2 The promotion of social Justice shall include the ointment to create economic opportunities based on freedom of initiative and self-reliance Art. XIII Sec. & 2 SECTOR EMPHASIS Labor Full protection to labor and promotion of full employment and equality of employment opportunities for all is embodied in Article XIII, Section 3. The State shall afford full protection to labor, local and overseas, organized and unrecognized, and promote full employment and equality of employment opportunities for all. It shall guarantee the rights of all workers to self-organization, collective bargaining and negotiations, and peaceful concerted activities, including the right to strike in accordance with law. They shall be entitled to security of tenure, humans’ conditions of work, and a living wage.
They shall also participate in policy and decision-making processes affecting their right and benefits as may be provided by law. The State shall promote the principle of shared responsibility between workers employers and the preferential use of voluntary modes in setting disputes, including conciliation, and shall enforce their mutual compliance therewith to foster industrial peace. The State shall regulate the relations between worker and employers, recognizing the eight of labor to its Just share in the fruits of production and the right of enterprises to reasonable returns on investments, and to expansion and growth.
Art. XIII Sec. 3 Vocabulary Words * Trade Policy – laws related to the exchange of goods or services involved in international trade including taxes, subsidies, and import/export regulations. * Production – the creation of value or wealth by producing goods and services. Trade – the business of buying and selling commodities; commerce. * Reciprocity – a mutual or cooperative interchange of favors or privileges, Congress – a formal assembly of representatives, as of various nations, to discuss problems. Compensation – something, such as money, given or received as payment or reparation, as for a service or loss. * Monopolies – exclusive control by one group of the means of producing or selling commodity or service. * Monetary authority – is a generic term in finance and economics for the entity Inch controls the money supply of a given currency, and has the right to set interest rates, and other parameters which control the cost and availability of money. * Social Justice – is Justice exercised within a society, particularly as it is applied to ND among the various social classes of a society. Human rights – are rights inherent to all human beings, whatever our nationality, place of residence, sex, national or ethnic origin, color, religion, language, or any other status. * Preferential – manifesting or originating from partiality or preference.