More foreign investors keen to expand in PH
Many international companies are now interested in investing in the Philippines after the reforms made in the Foreign Investments Act (FIA) and Public Service Act (PSA), said House Committee on Economic Affairs chair Sharon Garin.
In a statement, Garin disclosed that the country is “ now attracting the “good” kind of attention” — especially in telecommunications, shipping, air carriers, railways, and subways — from investors who were previously hesitant to venture into the Philippines due to its restrictive laws.
Aside from Elon Musk’s satellite-based internet service Starlink, Garin cited that the Swiss Ambassador to the Philippines Alain Gaschen revealed that Swiss companies are planning to set up operations in the country.
Meanwhile, both the Australian Ambassador to the Philippines Steven Robinson, and officials from the European Chamber of Commerce in the Philippines noted that the reforms “would usher in more foreign funds and spur economic growth.”
Garin emphasized that “an inflow of capital and better technology is a great step towards reviving our economy,” Garin said.
The recent PSA amendments lifted the 40% cap on foreign equity ownership from public services not classified as “public utility.”
At the same time, amendments to the FIA have made it possible for foreign investors fully own their Philippine operations.
