Duterte allows foreigners to own 100% stake in certain sectors
Foreigners can own 100 percent share in sectors like telecommunications, airlines and railways in the Philippines after President Rodrigo Duterte signed the amendment in the Public Service Act (PSA) on Monday in Malacanang.
The law will not cover crucial services like transmission and distribution of electricity, water and pipeline sewerage, seaports, petroleum pipeline, and public utility vehicles (PUVs).
Duterte said the law will help the economy recover from the COVID-19 pandemic.
"I believe that through this law, the easing out of foreign equity restrictions will attract more global investors, modernize several sectors of public service and improve the delivery of essential services," Duterte said in a speech during the ceremonial signing.
"It is also expected to generate more jobs for Filipinos, improve basic services for Filipino consumers, and allow for the exchange of skills and technology with the country’s foreign partners," he added.
He said PSA will be in sync with Republic Act No. 11647 amending the Foreign Investment Act (FIA), which he signed earlier this month.
RA 11647 created the Foreign Investment Promotion and and Marketing Plan (FIPMP) and eased requirements for foreign investors.
Duterte signed the PSA in a ceremony last Monday at the Rizal Hall in Malacañang Palace.
Also held were ceremonial signing of signed measures.
These were Republic Act No. 11647 (Amendments to the Foreign Investment Act), Republic Act No. 11650 (Instituting Policy and Services for Learners with Disabilities in Support of Inclusive Education Act), and Republic Act No. 11648 (Increasing the Age for Determining the Commission of Statutory Rape). DMS
