Business groups push for lifting foreign equity restrictions

Business groups in the Philippines, including the IT and Business Association of the Philippines, have chosen constitutional amendments to ease foreign equity restrictions as its top priority. Easing of foreign equity restrictions was one of the 12 reforms that the business groups want to be prioritized by the Duterte administration. Aside from constitutional amendments, the 12 reforms include, comprehensive tax reform package, apprenticeship program reform, build-operate-transfer law amendments, freedom of information, corporation code amendments, Public Service Act amendments, telecommunication sector reforms, water sector reform, bank secrecy law amendments, emergency powers to address traffic and transportation crises, and retail trade law amendments.