The Philippines Senate has recently passed the Senate Bill (SB) 2094 to amend the Public Service Act. This will enable the foreign investors to own up to 100% of public services such as telecommunications, airlines, shipping, and railways.
This means that there will be no restriction on foreign ownership for industrial undertakings not classified as public utilities.
However, there is a provision in Senate Bill 2094 to safeguard and protect national security. Foreign companies cannot own capital in a public service classified as critical infrastructure. The government’s National Security Council will be undertaking a review of such foreign investments.
Economy Badly Hit
The Philippines' economy has been the worst hit in the ASEAN. Its GDP decreased by 9.5% in 2020, and the nat...