OFFICIAL limits on foreign ownership of the Philippine telecom industry should be lifted to attract investment and improve its service, a Cabinet official said Thursday. Currently foreign firms can own a maximum 40 percent of Philippine utilities, including telecom companies, which should be raised, said Socioeconomic Planning Secretary Ernesto Pernia. “If we want to attract foreign direct investment, they have to have a larger stake in the investment,” he told reporters. The Philippine telecom industry is dominated by just two companies – PLDT and Globe Telecom – and critics argue the duopoly has led to poor service and high charges. San Miguel ended up selling its telco assets to PLDT and Globe in a 50-50 split.

Source: Manila Times July 20, 2017 16:18 UTC