DICT: Public Service Act to welcome foreign investments

By Pearl Gumapos

The Department of Information and Communications Technology (DICT) on Thursday (March 24) said the Public Service Act (PSA) will pave the way for foreign investments in the Philippines.

“Dahil sa pag-amyenda ng PSA, nagpapahintulot na sa kinakailangang mga updates sa batas. Dahil dito, magiging destination ang Pilipinas sa mga foreign investments,” DICT Secretary Emmanuel Rey Caintic said during the Laging Handa public briefing.

“Isa sa mga features ng batas ay ang nagpapahitulot ng 100% foreign ownership sa mga serbisyong pampubliko. Kabilang na dito iyong telecommunications sector. Makakatulong ito sa pag-unlad ng ating foreign capital at saka mga serbisyong pampubliko,” he said.

The PSA will be bringing in big players from different countries.

Meanwhile, the PSA also recognizes some risks in allowing 100% foreign ownership. There are, however, provisions in the law to safeguard the country from these risks.

“Maaaring bawalan o itigil ng Pangulo ng kahit ano mang investment kung makikitang may kaugnayan ito sa isang state-owned enterprise. Mayroon tayong cybersecurity audit na gagawin sa mga kumpanyang papasok,” he said.

“Mayroon tayong reciprocity clause na magpipigil sa mga foreign nationals na nagmamay-ari ng higit 50% ng capital sa kritikal na infrastructure. Maliban na lamang kung galing sila sa isang bansa na tayo ay may reciprocity agreement din. Minamandato na magkaroon ng independent evaluation para ma-monitor kung sang ayon pa ba sa kalidad at serbisyo ang mga kampanyang pinahintulutan natin,” Caintic said. – ag

Read more: Duterte signs law amending Public Service Act

 

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