NextGen Day

The proposed revisions to the Public Service Act (PSA) will promote the country’s economic recovery, according to the head of the House Committee on Economic Affairs on Wednesday.

Rep. Sharon Garin of the AAMBIS-OWA Party-list confirmed that safeguards are well in place under the proposed modifications, assuaging concerns about the expected surge of foreign investment.

“We simply want international investments to supplement Filipino money,” says the government. “Kailangan rin ng tulong ng Pilipino para makapagtayo tayo ng malalaking industriya, malalaking negosyo ng malalaking negosyo ng malalaking negosyo ng malalaking negosyo ng malalaking negosyo ng malalaking negosyo ng malala

The bicameral conference report on the different sections of House Bill No. 78 and Senate Bill No. 2094, which seeks to reform the 85-year-old Commonwealth Act No. 146, often known as the Public Service Law, has been ratified by Congress.

The following services have been classified as public utilities in the final version of the bill, and are subject to the Constitution’s 40% foreign ownership cap: a) electricity distribution; b) electricity transmission; c) petroleum and petroleum products pipeline transmission systems; d) water pipeline distribution systems and wastewater pipeline systems, including sewerage pipeline systems; e) seaports; and public utility vehicles.

Any industry that is not on the list will stay as a public utility and will be liberalized, allowing foreigners to own up to 100% of it. The move is expected to attract foreign investment in certain areas, as well as increase competition and lower prices for the general population.

By precisely defining the terms “public utilities” and “critical infrastructure,” the proposed law will largely streamline foreign equity limitations.

“It is during these difficult times when most businesses have closed, not much economic activity has been allowed, and more jobs are being lost, resulting in an inevitable increase in inflation rates and continuous decline of Philippine gross domestic product (GDP), that our country needed all the assistance from our allied countries to invest in order for our economy to heal, arise, and recover from the devastating effects of the Covid-19 pandemic,” Garin said.

The House of Representatives, according to Garin, has made every effort to create a “resilient economy” through long-term economic and sector changes.

“As legislators, it is our responsibility to establish a favorable business environment for investors, which will, in turn, result in more job possibilities for Filipinos.” “As we move toward economic resiliency, we’ll need new capital, ideas, and technologies,” Garin added.

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