MANILA - The new law allowing 100 percent foreign ownership of some public services includes provisions to protect the country from "security risks", an official of the Department of Information and Communications Technology (DICT) said on Thursday. In a Laging Handa briefing, DICT ActingSecretary Emmanuel "Manny" Caintic said the recently signed Republic Act (RA) 11659 or Public Service Act includes provisions such as allowing the President to veto any investments related to a state-owned enterprise. "Kinikilala ng batas mismo ang risk na ito, iyong security risk ng pagkaroon ng 100 percent ownership kung kaya may mga probisyon na nagsisiguradong talagang ligtas tayo sa mga ito (The law recognizes the risks related to allowing 100 percent foreign ownership that's why we have provisions ensuring security)," Caintic said. Other provisions, he said, include the requirement of an International Organization for Standardization (ISO) and cyber-security audi
MANILA - The new law allowing 100 percent foreign ownership of some public services includes provisions to protect the country from "security risks", an official of the Department of Information and Communications Technology (DICT) said on Thursday. In a Laging Handa briefing, DICT Officer-In-Charge Secretary Emmanuel "Manny" Caintic said the recently signed Republic Act (RA) 11659 or Public Service Act includes provisions such as allowing the President to veto any investments related to a state-owned enterprise. "Kinikilala ng batas mismo ang risk na ito, iyong security risk ng pagkaroon ng 100 percent ownership kung kaya may mga probisyon na nagsisiguradong talagang ligtas tayo sa mga ito (The law recognizes the risks related to allowing 100 percent foreign ownership that's why we have provisions ensuring security)," Caintic said. Other provisions, he said, include the requirement of an International Organization for Standardization (ISO) and cyber-s
MANILA - Members of the House of Representatives on Tuesday lauded the enactment of a law amending the 85-year-old Public Service Act (PSA), which could be a game-changer that would open up the Philippine economy to more foreign investors. House Committee on Economic Affairs chair Sharon Garin said the passage of the law will increase the Philippines' foreign direct investments (FDI) by around PHP299 billion over the next five years. Garin said it is also expected to increase the gross domestic product (GDP) growth rate by 0.47 percentage points above the baseline. She said the new Public Service Act, along with the Foreign Investment Act, will be "game changers" designed to boost foreign investments of capital for many ailing businesses amid the coronavirus pandemic. "After decades of meetings, discussions and debate, we now have updated the relevant laws that fit the needs of our country, as we try to move forward after the effects of the pandemic on our economy,&q
President Rodrigo Roa Duterte (File photo) MANILA - President Rodrigo Roa Duterte on Monday signed into law a measure amending the Public Service Act (PSA), allowing up to 100 percent foreign ownership of public services in the country. Republic Act (RA) No. 11659 or "An Act Amending Commonwealth Act No. 146 otherwise known as the Public Service Act" as amended was signed by Duterte in a ceremony at the Rizal Hall, Malacanan Palace in the presence of lawmakers and other officials. Under the amended PSA, the telecommunications, railways, expressways, airports, and shipping industries will be considered public services, allowing up to 100 percent foreign ownership in these sectors. Duterte also led the ceremonial presentation of newly enacted laws namely RA 11647 which amends the Foreign Investments Act; RA 11650, which ensures inclusive education for learners with disabilities; and RA 11648, which increases the age for determining statutory rape from 12 to 16-years-old. In his
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