President Rodrigo Duterte on Monday signed Public Service Act amendments into law which will allow 100% foreign ownership of public services such as telecommunications and railways, among others.
President Rodrigo Duterte on Monday signed a law amending the Public Service Act and effectively allowing 100% foreign ownership of public services such as telecommunications and railways, among others.
"Indeed, the enactment of this amended law, as well as the amended Foreign Investments Act, will help stimulate the economy, especially for local businesses," he added. The new law still prohibits majority foreign ownership on the distribution and transmission of electricity; petroleum and petroleum products, pipeline transmission systems; water pipeline distribution systems and wastewater pipeline systems, including sewerage pipeline systems; seaports; and public utility vehicles which are still classified as public utilities.
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