British Chamber welcomes move to ratify Public Service Act
(As released) The British Chamber of Commerce Philippines welcomes the recent developments to the amendments to the Public Service Act (PSA), as the Congress ratified the Bicameral Conference Committee report reconciling the differences between the House Bill No. 78 and Senate Bill 2094.
Currently, the bill is now waiting to be transmitted to the Malacañang to be signed by the President. Under the reconciled bill, telecommunications, domestic shipping, railways and subways, airlines, expressways and tollways, and airports are excluded from the definition of public utility, thereby opening these sectors to 100 percent foreign ownership.
In particular, the British Chamber has been at the forefront of advocates for the swift passage of the economic reforms aimed at easing foreign restrictions in selected local sectors. On top of this, we are very pleased to see the significant advances of the newly amended Retail Trade Liberalization Act (RTLA) and the recent transmittal of the Foreign Investment Act (FIA) bill to Malacañang last Monday.
As interests from UK companies remain high, the British Chamber is confident that more UK investors will consider the Philippines as an ideal investment destination in Southeast Asia. Considering the country’s already existing attributes, such as having a young and talented workforce, having a competitive and attractive investment landscape will further enhance the country’s capability to attract investors.
To end, we recognise the hard work and the commitment of the Congress for further liberalising the economy. However, we look forward to the Senate to ratify as soon as possible the country’s membership to Regional Comprehensive Economic Partnership (RCEP).
Nelson would like to thank the Bicameral panel co-chaired by Congresswoman Sharon Garin and Senator Grace Poe for their hard work and commitment to reconcile the amendments on PSA before it adjourns its session this Friday. — As released
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