MANILA – An executive of telecommunications company PLDT on Tuesday said the passage of Republic Act (RA) 11659 amending the Public Services Act (PSA) would help position the Philippines as an “attractive investment destination” for foreign entities looking to invest in the Asian market.
“In the medium term, we expect that RA 11659 will encourage healthier competition in various industries in the country,” said PLDT president and chief executive officer Alfredo “Al” Panlilio in a statement.
The amended PSA will allow up to “100 percent” foreign ownership of public services in the country which include the telecommunications, railways, expressways, airports, and shipping sectors.
In the meantime, Panlilio said there are no plans yet to increase the share of foreign equity at PLDT.
“We are also waiting for the release of the implementing rules and regulations (IRR) of the new law, and we welcome any opportunity to support the government in the development of the IRR,” Panlilio said.
in a ceremony at the Rizal Hall, Malacañan Palace on Monday, President Rodrigo Roa Duterte signed RA 11659 and noted that the amended PSA would aid the country towards economic recovery amid the coronavirus pandemic.
Aside from stimulating the economy, especially for local business, Duterte said the PSA would also create more jobs and improve basic services “in exchange of skills and technology with the country’s foreign partners.” (PNA)
