Pres. Duterte Signs Amendment of PSA Involving the Telcos Ownership
DUTERTE – Philippines President Rodrigo Roa Duterte approved the amendment in the Public Service Act (PSA) allowing full foreign ownership of telcos in the Philippines.
The 76-year-old President is currently in his last few weeks in office. However, there are still loads of work daily for the Chief Executive. New laws and law amendments continue to cross the surface following his verdict on certain proposals.
The President is also on the move to help the Filipinos amid the series of oil price increases in the Philippines. He refused the call for the suspension of the fuel excise tax heeding the advice of an authority that it could lead to billions of revenue losses for the government.
Instead, Pres. Duterte vowed to give cash aid to the poor Filipinos. It was previously set at Php 200.00 per household but the Chief Executive wants it raised to Php 500.00. He ordered the Department of Finance to find funds for it.
The Philippines is one of the many countries that are in the process of recovery from the COVID-19 pandemic. It has a huge impact on several fields most especially the healthcare system and the economy of the country.
Following the proponents of the amendments to the Public Service Act saying that amending the PSA can help the recovery of the country from the pandemic, Pres. Rodrigo Roa Duterte allowed the full ownership of several public utilities including telcos.
Based on a report on ABS-CBN News, the proponents of the amendments on PSA said that move will boost foreign direct investments and help the economic recovery of the country. With regards to the following which were identified as public utilities, they are subject to a 40% foreign equity cap.
- Distribution of electricity
- Transmission of electricity
- Petroleum and petroleum products pipeline transmission systems
- Water pipeline distribution systems and wastewater pipeline systems, (including sewage pipelines)
- Seaports
- Public utility vehicles
According to the report, aside from telcos, the amendment on PSA approved by Pres. Duterte also allows the 100% foreign ownership of domestic shipping, airlines, expressways, tollways, railways, and subways. The Chief Executive believes that the move will lead to the recovery of the economy of the country while giving the public a wider range of options.
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