Government to Open Media, Education, and Retail Sectors to Foreign Investors

The administration’s economic team plans to allow foreign investments in three sectors that were previously 100% reserved for Filipinos. Economic chief Ernesto Pernia said that the government would open up media, education, and retail to as much as 70% foreign ownership. While the constitution has a general 40% limit on foreign ownership of business, exemptions could be granted to certain sectors either through legislation or administratively. Pernia said that the government would do what could be done…

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