MANILA, Philippines — The House of Representatives on Tuesday afternoon approved a bill allowing for 100 percent foreign ownership in power, transport and communications sectors. House Bill 78 seeks to amend the Public Service Act and delineates between the terms public service and public utility, which the 1987 Constitution prohibits foreign ownership of. The nation's charter sets a limit of 40 percent foreign ownership on similar services and utilities. BREAKING: House of Representatives approved HB 78, amending the Public Service Act and allowing 100% foreign ownership in power, transport and communications sector, on third and final reading today. "This narrow definition of public utilities seeks to bypass the current Constitutional limits on foreign ownership of public utilities and open up significant parts of the economy to foreign investors," Elago also said in a statement.

Source: Philippine Star March 10, 2020 09:45 UTC