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

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In Aseanplus News

Planning to travel at the end of the year? Renew passports now, Singaporeans told
Police investigate after video shows three girls pummelling teen in Sengkang carpark
16 killed, many missing in northwest China floods
Ministry of Defence receives Thai Chief of Defence Forces
Covid-19's harmful effects on the brain resonate years later: Study
Najib's final SRC appeal: Defence says will be filing fresh submissions
China regulator probes banks' property loan portfolio - sources
Oil prices hold steady as recession worries offset lower U.S. stocks
Laos boosts exports, start-up building through S. Korea’s knowledge sharing
Proton inks deal to sell smart EVs in Malaysia, Thailand

Others Also Read