Foreign Ownership Limit in Finance, Media, Education to be Increased to 70%

Economic officials plan to liberalize the foreign ownership limit rule in several industries where the move can be done through administrative orders. These include finance, mass media, education, and practice of licensed professionals. Socioeconomic Planning Secretary Ernesto Pernia added that they are backing a bill in Congress that seeks to amend the Public Services Act. The bill, if passed, would allow the opening up of the telecommunications, power, transport, and water sectors to up to 70% foreign…

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