REPUBLIC Act 11659 or "An Act Amending Commonwealth Act No. 146 otherwise known as the Public Service Act" as amended was signed by President Rodrigo Duterte on March 21, 2022. Seen as an opportunity to expand access to much-needed capital, the law opens foreign investments in public services not otherwise excluded under the said legislation.
The constitutional prescription limiting foreign equity participation to no more than forty percent in the operation of public service utilities was identified as one barrier to the much-needed improvement in the delivery of public services; therefore, the clamor to lift the restriction on foreign investment by clearly defining what public services are to be covered by the constitutional restriction.
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