Metro Manila (CNN Philippines, March 22) — The country’s socioeconomic planning secretary, along with some senators, expects the move amending the 85-year-old Public Service Act will attract more foreign investors to sectors that need further improvements.
According to National Economic and Development Authority (NEDA) Secretary Karl Kendrick Chua, Republic Act 11659 would fuel improvements in telco and transportation service sectors that are “lagging behind”.
“This will benefit all Filipinos through better quality goods and services at lower prices and more meaningful job prospects,” he said in a statement on Tuesday.
“We thank President [Rodrigo] Duterte and legislators from both chambers of Congress for their commitment to pass landmark legislation amid the challenges brought about by the pandemic,” Chua added.
On Monday, Duterte signed the law amending the Public Service Act, giving go signal for foreigners to have full ownership in various sectors.
Republic Act 11659 allows 100 percent foreign ownership in telecommunications, railways, subways, and airlines.
It also retains the 40 percent cap for public utilities such as distribution and transmission of electricity, petroleum products, pipeline transmission systems, water pipeline distribution systems, wastewater pipeline systems, seaports, and public utility vehicles.
READ: Duterte signs law amending Public Service Act
Senators Grace Poe, Ping Lacson, and Koko Pimentel also welcomed the signing of the law.
The three senators said this development will bolster investment flows across local industries, which could translate to more job opportunities for the Filipino people.
“The world is becoming smaller in the advent of modern technology and if we don’t adopt to the situation, we will be left behind in terms of investments and trade. As long as all the provisions are not violative of the Constitution with regard to public services, not to mention national security, it is a good law,” Lacson said.
Poe, in a statement, stressed the law could also spur the country’s economic recovery. She and Senate President Tito Sotto likewise assured it has safeguards against abuses.
