Tag: foreign ownership

Philippines allows foreign ownership of telcos, airlines

  MANILA, Philippines (AFP) — The Philippines on Monday eased restrictions to allow foreign ownership of airline, telecommunications and shipping operators, as it seeks to boost jobs and spur activity in the virus-hit economy. The archipelago nation has long struggled to attract foreign money, as red-tape, corruption and political uncertainty scared off investors who instead pumped billions of dollars into neighbouring nations. The amendments to the 85-year-old Public Service Act are the latest effort to […]

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Palace on CA affirming previous decision vs Rappler: “We will let the law take its course”

(Eagle News)—“We will let the law take its course.” This was the Palace’s reaction to the Court of Appeals decision to affirm its earlier ruling in favor of the Securities and Exchange Commission’s decision against Rappler. “As we said, any case that has been filed before the courts, we will not interfere,” Presidential Spokesperson Salvador Panelo said. Panelo also reiterated press freedom had nothing to do with the Rappler’s case before the SEC, which ruled […]

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Gov’t eyes opening telecoms to foreign control

Agence France Presse — Limits on foreign ownership of the Philippine telecom industry should be lifted to attract investment and improve its service, a senior minister said Thursday. Currently foreign firms can own a maximum 40 per cent of Philippine utilities, including telecom companies, which should be raised, according to Economic Planning Secretary Ernesto Pernia. “If we want to attract foreign direct investment, they have to have a larger stake in the investment,” he told […]

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