Pres. Duterte finally signs amended Public Service Act

President Duterte today signed the amended Public Service Act, opening up possibilities for foreign investments. This bill was just submitted to the Office of the President some three weeks ago.

Republic Act (RA) No. 11659 or “An Act Amending Commonwealth Act No. 146” otherwise known as the Public Service Act has classified telecommunications, railways, expressways, airports, and shipping industries as public services, thus, allowing up to 100% foreign ownership in these sectors.

Now that it is in effect, we will see the potential for direct foreign investments in these sectors to grow exponentially [read more here].