Duterte signs amended Public Service Act; full foreign ownership now possible

By Carlos Manuel Eusoya

PHOTO: Philippine News Agency

Get ready, foreign investors!

Full foreign ownership is now possible for the various investors of Philippine industries thanks to the amendment of the Public Service Act (PSA) signed by President Rodrigo Duterte last March 21.

According to Duterte, the amended PSA will open more job opportunities for Filipinos and attract “more global investors.”

Republic Act 11659 (PSA) is an 85-year-old law, and the signed amended version of the act now allows foreign ownership in telecommunications, railways, subways and airlines.

“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… and help stimulate the economy, especially for local businesses,” Duterte quoted.

Philippine officials hailed the amendments of the PSA, including House Ways and Means Committee Chairman Joey Salceda, who stated that foreign investments will increase by ₱299 billion for the following five years.

Aside from local officials, foreign investors from America have also commended the PSA amendments and stated that the PSA will be “helpful to the long-run recovery of the [Philippine] economy after the pandemic.”

Moreover, the American Chamber of Commerce of the Philippines (AmCham) and officials from the German-Philippine Chamber of Commerce and Industry have shown their support for the PSA.

Edited by Phylline Calubayan
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