The American Chamber of Commerce (AmCham) here is urging the government to look at the possibility of allowing full foreign ownership in public utilities without necessarily amending the Constitution.
John Forbes, AmCham senior adviser, said the positive effects will come in ripples as aside from opening the country’s doors to more foreign direct investments (FDI), the stronger competition in public utilities will also give Filipino consumers access to better services at lower prices.
The Foreign Investment Negative List (FINL) only allows up to 40 percent foreign equity in public utilities. The list, however, is being revised every two years as mandated by the Foreign Investments Act of 1991, as amended by Republic Act 8179.
Forbes said as part of the ongoing review of the FINL, the government should consider public utilities as one of the investment areas where 100-percent foreign equity should be allowed.
“If your objective is to improve competition and increase investments in public utilities without changing the Constitution, this is one way to do it,” Forbes told the BusinessMirror.
He said the Constitution, anyway, does not clearly define what a public utility is.
The 1936 Public Service Act, he said, is probably the only law that details what public utilities are.
This outdated law, Forbes said, should be included in the FINL review and determine if there is a way to fully liberalize the public utilities sector without tinkering with the Constitution.
“That is the objective of the FINL, to see if there is anything there in the list that can be removed,” Forbes said.
He noted that although revising a law could be troublesome, it is a lot easier than amending the Constitution.
The public utilities sector, because of the nature of its business, is one of the areas that can easily attract foreign investments, Forbes said.
Like in the United States, he said, there are many European players in the telecommunications sector, and there are also several American telecommunication firms in Europe.
The public utilities sector, he said, is one major reason why the US and Europe have the biggest exchange of FDI. –Max V. de Leon | Reporter, Businessmirror
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
September –
5 Sept – Intl Day of Charity
7 Sept – Intl Day of Clean Air for Blue Skies
8 Sept – International Literacy Day
12 Sept – United Nations Day for South-South Cooperation
15 Sept – International Day of Democracy
16 Sept – International Day for the Preservation of the Ozone Layer
17 Sept – World Patient Safety Day
18 Sept – International Equal Pay Day
21 Sept – International Day of Peace
26 Sept – International Day for the Total Elimination of Nuclear Weapons
27 Sept – World Tourism Day
28 Sept – International Day for Universal Access to Information
29 Sept – International Day of Awareness of Food Loss and Waste
30 Sept – World Maritime Day
Monthly Observances:
Health, Safety and Sanitation Month
National Clean-up Month
Civil Service Month
National Peace Consciousness Month
Social Security Month
Rule of Law Month
National Teachers’ Month (Sept 5-Oct 4)
Weekly Observances:
Sept 17 – 23:
World Clean and Green Week
Week 2: Education Week
Week 4: Medicine Week
Last Week: National Family Week
Daily Observances:
Third Saturday:
International Coastal Clean-up Day
Third Monday: World Health Day
Last Friday: National Maritime Day
Sept 8: National Literacy Day
Sept 15: Philippine Medicine Day
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