On 21 March 2022, the Philippines finally approved the long-awaited amendment to the 86 year old law, Commonwealth Act No. 146, otherwise known as the Public Service Act (“PSA”). The amendment to the PSA (“PSA Amendment”) is a major development in Philippine foreign investment regulations as it relaxes foreign ownership restrictions and effectively allows non-Filipinos to completely own businesses considered as public services in the country. The PSA Amendment will take effect on 7 April 2022. 1. Under the PSA, only operators of “public services” for which a Certificate of Public Convenience is required by the relevant government agency are subject to foreign investment restrictions. Under the 1987 Philippine Constitution, all operators of “public utilities” are required to be Filipino...To read the full article, please see the PDF file
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Asia Newsletter (April 5, 2022) (768 KB / 5 pages)
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Authors
Michelle’s practice covers advising on various M&A and joint venture transactions across a large range of industries including IT, manufacturing, finance, real estate, retail trade, and energy. She also regularly advises clients on other corporate and commercial matters such as licensing, doing business, labour, data privacy and protection, and regulatory compliance. Prior to joining N&A, Michelle was a lawyer with one of the top law firms in the Philippines. Through her experience, she gives clients invaluable insights into Philippine culture and enhances their understanding of the legal and commercial practices in the country, making clients better equipped to do business in the Philippines.
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