SEVERAL business groups and foreign chambers of commerce are urging the passage of House Bill (HB) 78 or the measure amending the Public Service Act (PSA) to address decreasing foreign direct investments (FDI). “This legislation is long overdue and especially timely as it should help the Philippines recover from declining foreign direct investment,” they said in a joint statement on Monday. The groups pointed out that estimated net FDI fell by 30 percent to $7 billion last year from $10 billion in 2018. The business groups and foreign chambers were looking forward to the passage of the measure on third reading. The joint statement also emphasized that the bill considers national security, proposing a framework to carefully evaluate foreign investments.

Source: Manila Times March 10, 2020 17:48 UTC