Philippines: Amendment to the Public Service Act
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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