NEDA commends PSA amendment
The National Economic and Development Authority (NEDA) is eagerly celebrating the implementation of the Republic Act No. 11659 or the amendments to the Public Service Act (PSA).
NEDA secretary Karl Kendrick Chua said that these amendments will attract more foreign investors, improve the quality of goods and services in the country, and open more jobs for Filipinos.
RA 11659 allows full foreign ownership in businesses across various sectors — including telecommunications, airlines, and railways.
However, as a safeguard against security concerns, the measure retains the limitation of ownership of public utilities in key sectors to a 60%-40% partnership.
Chua thanked President Rodrigo Duterte and various personalities and organizations who have supported the implementation of the amendment.
This law completes the administration’s economic liberalization reforms that are aimed at increasing the country’s competitiveness post-pandemic.
The NEDA official stated that these economic liberalization bills will help our economy recover from the effects of the pandemic and strengthen it against “external shocks” such as the Russia-Ukraine war.
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