Duterte signs PSA amendment
Philippine President Rodrigo Duterte recently signed the Republic Act 11659 to allow full foreign ownership in the country across various sectors.
Amending the Public Service Act, R.A.11659 allows 100% foreign ownership in telecommunications, railways, subways and airlines.
Meanwhile, it retained the 40% ownership cap for public utilities — including the distribution and transmission of electricity, petroleum products, pipeline transmission systems, water pipeline distribution systems, wastewater pipeline systems, seaports, and public utility vehicles.
Duterte said the law is expected to generate more jobs, improve basic services and allow exchange of skills and technology with the country’s foreign partners.
House Ways and Means Committee Chairman Joey Salceda estimated that Foreign Direct Investments are expected to increase by ₱299 billion (US$5.7 billion) over the next five years following the PSA amendment.
