ManilaTimes-Dec 15

Voting 19-3-0, the Senate passed on third and final reading a bill that would open up the Philippines to more foreign investors by amending the 85-year-old Commonwealth Act 146 or the Public Service Act. Senate Bill (SB) 2094 aims to ease the restrictions on foreign investments in public services, said Sen. Mary Grace Poe, chairman of the Committee on Public Services and sponsor of the measure. In the 1987 Constitution, only corporations that are at least 60-percent owned by Filipinos should be given the franchise, certificate and authorization to operate as a public utility. Under the bill, public utility refers to a “public service that operates, manages or controls for public use” any of the following: distribution or transmission of electricity; petroleum and petroleum products pipeline distribution systems, water pipelines distribution systems and wastewater pipeline systems; as well as airports, seaports, public utility vehicles and tollways or expressways. Read more at:

https://www.manilatimes.net/2021/12/15/news/senate-passes-bill-allowing-more-foreign-investors-to-ph/1826068