PLDT released its official statement regarding the passage of Republic Act 11659.
The RA 11659 was recently signed into law by President Rodrigo Duterte, amending 85-year-old Public Service Act (PSA), which relaxes restrictions to now allow 100% foreign ownership of companies specifically in telecommunications, airlines, and railways sectors.
In the statement, PLDT and Smart President and CEO Al Panlilio has this to say.
“In the medium term, we expect that RA 11659 will encourage healthier competition in various industries in the country. In the long term, it will help position the Philippines as an attractive investment destination for foreign enterprises seeking to expand their business in the Asian market,” said Panlilio.
“In the case of PLDT, while we support investment-friendly regulations, we have no plans to increase the share of foreign equity at present. We are also waiting for the release of the implementing rules and regulations of the new law, and we welcome any opportunity to support the government in the development of the IRR,” he added.
Duterte believes the Public Service Act will “lead the path towards economic recovery amidst the COVID-19 pandemic.” It would help attract more foreign investors, create more jobs and improve basic services.