NextGen Day

MANILA, Philippines — With the signing into law of the modifications to the Public Service Act, Trade Secretary Ramon Lopez anticipates the country to receive USD60 billion to USD100 billion in investments over the following two years (PSA).

President Rodrigo Duterte signed Republic Act No. 11659, modifying the 85-year-old PSA, into law on Monday.

“The sector’s initial investment leads will total more than USD60 billion, with telecom(munications), transportation, logistics, (and) railway all contributing. Other leads have not specified investment amounts, so this is still understated. “It might be above USD100 billion in two years,” Lopez said in a Viber message to reporters on Tuesday.

The newly signed bill has been hailed by the trade chief as a positive step toward attracting more international firms and increasing market competitiveness.

He also stated that the new PSA will encourage technology-based innovations in the country, resulting in higher-quality services at reduced costs, which will benefit consumers.

“We appreciate the legislators’ and business chambers’ support for the economic team’s efforts to pass this legislation. “This would undoubtedly draw additional investments and jobs in these industries for Filipinos,” Lopez said.

Policies that are stable

Former Defense Secretary and Senate hopeful Gilbert “Gibo” Teodoro said in a separate statement that ensuring a stable investment climate for all firms will complement the modified PSA’s passage into law.

“Now that we’ve loosened the standards to attract foreign investment,” Teodoro, who has worked in a variety of businesses for the past 12 years, said, “the government should ensure that future regulations are consistent with the laws.”

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