Philippine President Duterte signs amendments to Public Service Act

 The Philippine News Agency and other media reported on March 22 that on Monday, Philippine President Rodrigo Duterte signed the amendment to the Public Service Act (Republic Act 11659). Under the revised bill, telecommunications, railways, highways, airports, and shipping will be considered public services, and foreign capital can hold 100% equity in these industries (except for foreign state-owned enterprises in some industries. Editor’s note). Du said he believed that with the implementation of the amendment and the relaxation of foreign equity restrictions, the Philippines will attract more global investors, the public service sector will be modernized, and the basic services provided to the population will also be improved. Du also said that the amendments to the Public Service Act and the previous Foreign Investment Act are very beneficial to the Philippine economy and local business development, and are expected to create more employment opportunities for Filipinos and facilitate the exchange of skills and technology with foreign investors Create good conditions.

The investment opportunities in the Philippines are in front of Chinese investors. Cai Congmiao, honorary chairman of the Philippine Chamber of Commerce and Industry, said that the establishment of the “China-Philippines Investment Cooperation Industry Expert Group” will provide a platform for Chinese investors to develop Philippine agriculture, energy and infrastructure. Channels for business opportunities in facilities, logistics, real estate and tourism projects.

Jiang Jianjun, Economic and Commercial Counsellor of the Chinese Embassy in the Philippines, pointed out that Chinese investment in the Philippines has surged from 1.5 billion pesos in 2015 to 15.6 billion pesos in 2020, an increase of nearly tenfold. China has risen from the fifteenth largest source of foreign investment in the Philippines in 2015 to the second largest in 2020. So far, major projects invested by Chinese companies in the Philippines have made breakthroughs, and there will be more powerful Chinese companies in the future. Invest in the Philippines.

As a Chinese crane supplier, Dongqi Crane has provided more than 100 orders for various types of crane cooperation projects to Philippine customers in the past 2021. Including various types of electric hoists, overhead cranes, gantry cranes, winches and so on. Under the influence of the epidemic, the economic growth rate of the Philippines has slowed down, but with the continuous support of the Philippine government’s economic policies, we believe that 2022 will be a turning point, and Chinese crane products will also play an active role in various production and construction fields in the Philippines. role

https://www.craneyt.com/philippine-president-duterte-signs-amendments-to-public-service-act.html