Shipping, telecommunications, airlines, expressways and railways in the Philippines will now be open to full foreign ownership after president Rodrigo Duterte on Monday signed a new law law amending the 85-year-old Public Service Act (PSA), which had hitherto capped these sectors to a 40% foreign ownership.
“I believe that through this law, the easing of foreign equity restrictions, we will attract more global investors, modernize several sectors of public service, and improve the delivery of essential services,” Duterte said.
An archipelago made up of more than 7,000 islands, the Philippines has a rich maritime heritage, and is a world renowned supplier of crews, but has never had a strong, globally recognised shipping line brand.
Source: Splash 247
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