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  • Philippines
  • March 25, 2022 , 07:19pm

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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Based in Toronto, Ontario, Canada, The Philippine Reporter (print edition) is a Toronto Filipino newspaper publishing since March 1989. It carries Philippine news and community news and feature stories about Filipinos in Canada and the U.S.
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