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MANILA, Philippines — President Rodrigo Duterte on Monday signed the law amending the 85-year-old Commonwealth Act No. 146, or the Public Service Act, relaxing restrictions on foreigners to completely own businesses in the country.
Specifically, the law would allow full foreign ownership of businesses in select industries such as telecommunications, airlines, and railways.
Some sectors, however, will remain restricted to full foreign equity such as public utility vehicles, water, electricity, petroleum pipelines, and seaports.
According to Duterte, the amendments will support the country in “leading the path towards economic recovery amidst the COVID-19 pandemic.”
“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,” he said.
“Indeed, 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.
Apart from this, Duterte said the amendments are expected to generate more jobs for Filipinos, improve basic services, and allow for the exchange of skills and technology with the country’s foreign partners.
Meanwhile, other laws were also presented during the ceremonial signing. These include Republic Act 11647 or the “Foreign Investments Act”; Republic Act 11650 or the “Instituting a Policy of Inclusion and Services for Learners with Disabilities in Support of Inclusive Education Act”; as well as Republic Act 11648, which increased the age for statutory rape from 12 to 16 years old.
“The Administration hopes that these laws will aid and contribute to the country’s development, benefitting both the present and future generations. Just around the corner actually,” Duterte said.
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