Local and foreign investors have hailed Philippine President Rodrigo Duterte’s signing into law of the Public Service Act (PSA).
The law opens up a number of public services to 100 per cent foreign ownership.
Secretary for Trade and Industry, Ramon M. Lopez said this would lead to an additional investment of ₱100 billion ($A2.5 billion) over a two-year period.
“Initially it is projected to haul in more than ₱60 billion ($A1.53 billion) of investments in the telecommunications, transportation, logistics and railways sectors. This is still understated as other leaders have not indicated an investment amount,” Mr Lopez said.
In a statement, the Foundation for Economic Freedom (FEF) said the amendments to the Public Service Act were “the most game-changing economic legislative reform in 86 years that is pro-consumer, pro-security and pro-growth”.
It pointed out that the amended Act established rules to protect the country from malign intentions that endangered national security.
“The provisions ensure the Philippines will be less vulnerable to cyber threats and domination of foreign interests,” the FEF statement said.
Meanwhile, Chair of the Senate Public Services Committee, Grace Poe said the legislation should be “sacrosanct” and unable to be reversed.
“After 85 years, we’ve accomplished the most crucial task of amending this antiquated law,” Senator Poe (pictured) said.
“Henceforth, our Agencies must be equally determined to allow our people to truly benefit from it.”
Manila, 25 March 2022
