NextGen Day

On Tuesday, Senator Grace Poe stated that the Public Service Act (PSA) implementing rules and regulations (IRR) publication is anticipated to support investments that will increase job growth and promote market competitiveness in the nation.

Poe expressed her appreciation for PSA’s IRR clearance and stated that the establishment of the legal framework will provide the conditions for improved telecommunications, transportation, and other essential services for Filipinos.

“Last Congress gave the PSA amendments top priority in order to create a welcoming environment as economies begin to open up. After the pandemic, we wanted to be the first to welcome international money, she declared in a statement.

The PSA is anticipated to authorize 100 percent foreign ownership of public services beginning on April 4 while maintaining the current 60-40 ownership rule for public utilities.

The National Economic and Development Authority, which approved and released the PSA’s IRR, believes that PSA will drive innovation and create high-quality jobs in the nation in addition to market competitiveness.

Poe continued, “The important next steps must now be carried out by the various government agencies to realize the goals of this game-changing law that we overcame decades of challenges to pass.

Starlink Internet Services Inc., a subsidiary of Elon Musk’s SpaceX, was one of the foreign businesses that applied for a value-added service license after submitting its registration and satisfying other requirements after former President Rodrigo Duterte signed a measure amending the PSA into law on March 21 of last year.

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