Trade Secretary Ramon M. Lopez said in a statement on Tuesday that the bill amending the PSA will help improve the investment climate.
On Feb. 2, Congress ratified the bicameral conference committee report of the bill amending the PSA, which would permit 100% foreign ownership in telecommunications, domestic shipping, railways and subways, airlines, expressways and tollways, and airports. Any industry not included in the list of “public utilities” will be considered a “public service” and can be liberalized and fully owned by foreigners.
“A more competitive services sector will have indirect consequences toward economic growth. High-quality transport or telecommunication infrastructure, for example, could influence the production costs and competitiveness of all firms across all sectors of the economy,” Ms. Aldaba said.