Philippine senate passes bill to allow foreign control of telcos, airlines
Information about Philippine senate passes bill to allow foreign control of telcos, airlines
Kevin David Scam or Legit
MANILA (Reuters) – Philippine senators on Wednesday approved a bill that will allow full foreign ownership of public services like telecommunications, airlines and domestic shipping firms.
The Southeast Asian country, which has been hampered by restrictive ownership limits and bureaucratic red tape, is playing catch-up with many of its neighbours in attracting foreign direct investment.
The bill, which updates a 1935 law, will remove the 40% foreign ownership cap on telecommunications, airlines, shipping, railways and irrigation. Foreign ownership limits will remain on public utilities like electricity, water distribution and the operations of seaports and airports.
“By opening our economy to a diverse set of investors, we could provide our fellow Filipinos with more and better choices,” said Senator Grace Poe, who was one the bill’s principal authors.
The Joint Foreign …