President Rodrigo Duterte signs law amending Public Service Act
PRESIDENT Rodrigo Duterte has signed into law Republic Act 11659, an amendment to the Public Service Act that will allow full foreign ownership of several economic sectors in the country, including telecommunications, airlines, expressways and tollways, railways, and shipping.
Duterte said the signing of the law will help the economy recover from the effects of the coronavirus disease pandemic. “Indeed, the enactment of this amended law, as well as the amended Foreign Investments Act, shall help stimulate the economy, especially for local businesses. It is also expected to generate more jobs for Filipinos, improve basic services for Filipino consumers, and allow for the exchange of skills and technology with the country’s foreign partners,” he added.
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