BCCP Executive Director Chris Nelson said in a statement on Wednesday that the chamber “actively continues to encourage more British companies to look at business and long-term opportunities in the country.”
On March 21, President Rodrigo R. Duterte signed Republic Act No. 11659 which amended the 85-year-old Public Service Act . The amended law now allows foreigners to fully own companies in the telecommunications, airlines, railways, and shipping businesses. Previously, these sectors were subject to a 40% foreign ownership limit.
Earlier, Mr. Duterte signed RA 11595, which amended the Retail Trade Liberalization Act , and RA 11647, which amended the Foreign Investments Act . On the other hand, the amended RTLA lowered the required minimum paid-up capital of foreign retailers to P25 million from $2.5 million, while the minimum investment per store was lowered to P10 million.