President Rodrigo Duterte on Monday signed a measure that amends the Public Service Act (PSA) to encourage investment in various sectors and ramp up recovery efforts for the...
President Rodrigo Duterte on Monday signed a measure that amends the Public Service Act to encourage investment in various sectors and ramp up recovery efforts for the economy.Republic Act 11659, otherwise known as 'An Act Amending Commonwealth Act No. 146 otherwise known as the Public Service Act' allows full ownership of telecommunications, airlines and railways.
'I believe that through this law, the easing out of foreign equity restrictions will attract more global investors, modernize several sectors of public service and improve the delivery of essential services,' Duterte said during the ceremonial signing. 'The enactment of this amended law, as well as the amended Foreign Investments Act, shall help stimulate the economy, especially for local businesses,' he added.
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