Fri. May 27th, 2022

President Rodrigo Duterte on Monday signed into law a measure amending the Public Service Act (PSA), allowing up to 100 percent foreign ownership in companies offering public services in the country.

(dailyguardian.com.ph)

Republic Act (RA) No. 11659 or “An Act Amending Commonwealth Act No. 146 otherwise known as the Public Service Act” as amended was signed by Duterte in a ceremony at the Rizal Hall, Malacañan Palace in the presence of lawmakers and other officials.

Under the amended PSA, the telecommunications, railways, expressways, airports, and shipping industries will be considered public services, allowing up to 100 percent foreign ownership in these sectors.

Duterte also led the ceremonial presentation of newly enacted laws namely RA 11647 which amends the Foreign Investments Act; RA 11650, which ensures inclusive education for learners with disabilities; and RA 11648, which increases the age for determining statutory rape from 12 to 16-years-old.

In his speech, he thanked Congress for the timely ratification of the amended PSA, noting that it will aid the country in leading the path towards economic recovery amid 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.

He said the amended PSA and amended Foreign Investments Act will both help stimulate the economy, especially for local businesses.

“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.

RA 11647 or the amended Foreign Investments Act relaxes restrictions on foreign investments by allowing foreign investors to invest in a local enterprise up to 100 percent of its capital.

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