Philippines eases restrictions on foreign ownership in key sectors


MANILA, June 28 (Xinhua): The Philippines has eased the restrictions on foreign ownership in key sectors such as telecommunications and transport, Socio-economic Planning Secretary Karl Kendrick Chua said on Tuesday.

On Monday, Philippine President Rodrigo Duterte issued an executive order promulgating the 12th Regular Foreign Investment Negative List, which greenlights foreign ownership in some key sectors.

The revised list is aligned with the several acts recently passed for promoting foreign investment and "is also consistent with the policy to ease restrictions on foreign participation," Chua said.

He said the negative list reflects the full foreign ownership liberalization for telecommunications, domestic shipping, railways and subways, and air transport.

Chua added the South-East Asian country also intends to liberalize more sectors like renewable and inexhaustible energy sources to help address "the looming power crisis and climate change concerns." - Xinhua

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