From the Website of the PresidentArticle Links: http://pcoo.gov.ph/news-releases/
President Rodrigo Roa Duterte on Monday signed into law Republic Act No. 11659 amending Public Service Act (PSA) that will open several economic sectors to full foreign ownership.
In signing the legislative measure, the President said the amendments will help the economy recover from the effects of the Covid-19 pandemic, thanking Congress for its timely ratification.
“I believe that through this law, the easing out of foreign equity restrictions will attract more global investors, modernize several sectors of public service and improve the delivery of essential services,” President Duterte said during the ceremonial signing of the law and the presentation of other newly signed measures in Malacañang.
“Indeed, the enactment of this amended law, as well as the amended Foreign Investments Act, shall help stimulate the economy, especially for local businesses.”
“It is also expected to generate more jobs for Filipinos, improve basic services for Filipino consumers, and allow for the exchange of skills and technology with the country’s foreign partners.”
The amendments to the PSA is aimed at encouraging investment in sectors essential to public welfare, most notably telecommunications, airlines, expressways and tollways, railways, as well as shipping.
The amendments classify the distribution and transmission of electricity, petroleum and petroleum products, pipeline transmission systems, water pipeline distribution and wastewater pipeline systems, seaports, and public utility vehicles as public utilities subject to the 40-percent foreign ownership cap under the Constitution.
Other newly signed Republic Acts (RAs) presented on Monday were Amendments to the Foreign Investment Act (RA 11647), Increasing the Age for Determining the Commission of Statutory rape (RA 11648), and Instituting Policy and Services for Learners with Disabilities in Support of Inclusive Education Act (RA 11650).
Joining the President were Senate President Vicente Sotto III, House Speaker Lord Allan Velasco, Executive Secretary Salvador Medialdea, Finance Secretary Carlos Dominguez III, Justice Secretary Menardo Guevarra, Education Secretary Leonor Briones, Social Welfare and Development Secretary Rolando Joselito Bautista, Energy Secretary Alfonso Cusi, and Presidential Communications and Acting Spokesperson Secretary Jose Ruperto Martin Andanar.
Also in attendance were Public Works and Highways Acting Secretary Roger Mercado, Acting Cabinet Secretary Melvin Matibag, Information and Communications Technology Acting Secretary Emmanuel Rey Caintic, Presidential Assistant for the Visayas Michael Lloyd Dino, Anti-Red Tape Authority Secretary Jeremiah Belgica, PLLO Acting Presidential Adviser on Legislative Affairs Luzverfeda Pascual, and Senators Maria Imelda Marcos, Sherwin Gatchalian, Christopher Lawrence “Bong’ Go, and Francis Tolentino. PND
Executive Order No. 166, S. 2022: Adopting the Ten-Point Policy Agenda to Accelerate and Sustain Economic Recovery
links: https://pcoo.gov.ph/news_releases/adopting-the-ten-point-policy-agenda-to-accelerate-and-sustain-economic-recovery-from-the-covid-19-pandemic-and-directing-a-whole-of-government-approach-to-align-all-economic-recovery-programs-and-me/
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