Duterte signs law allowing full foreign ownership of telcos, airlines
Duterte signs law allowing full foreign ownership of telcos, airlines
March 21, 2022
By Ralf Rivas
MANILA– President Rodrigo Duterte solidified his economic managers’ liberal agenda of further opening up the Philippine economy to foreigners without amending the Constitution.
Duterte on Monday, March 21, signed the law amending the Public Service Act, allowing foreigners to fully own companies in the telecommunication, shipping, airline, railway, toll road, and transport network vehicle industries. Previously, these industries had a 40% cap on foreign equity, as they were considered public utilities.
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