Foreign chambers urge Senate to pass PSA bill.

Foreign Chambers Urge Senate to Pass PSA Bill

The Philippine Senate is currently deliberating on the Public Service Act (PSA) bill, which seeks to amend the 84-year-old law that restricts foreign ownership in certain industries. The bill aims to attract more foreign investments and boost the country’s economic growth.

Several foreign chambers of commerce in the Philippines have expressed their support for the PSA bill and urged the Senate to pass it. The American Chamber of Commerce of the Philippines (AmCham), the European Chamber of Commerce of the Philippines (ECCP), and the Japanese Chamber of Commerce and Industry of the Philippines (JCCI) have all issued statements calling for the passage of the bill.

According to AmCham, the PSA bill is a “critical piece of legislation” that will help the Philippines become more competitive in the global market. The chamber noted that the current restrictions on foreign ownership have hindered the country’s economic growth and prevented it from attracting more foreign investments.

ECCP, on the other hand, said that the PSA bill is “long overdue” and that it will help the Philippines become a more attractive destination for foreign investors. The chamber emphasized that the bill will not only benefit foreign investors but also local businesses and consumers.

JCCI also expressed its support for the PSA bill, saying that it will help improve the business environment in the Philippines and promote economic development. The chamber noted that the bill will provide more opportunities for Japanese companies to invest in the country and contribute to its growth.

The PSA bill seeks to amend the Foreign Investment Act of 1991 and the Commonwealth Act No. 146, which restrict foreign ownership in certain industries such as telecommunications, transportation, and public utilities. The bill proposes to increase the foreign ownership limit from 40% to 100% in certain industries, subject to certain conditions and safeguards.

The passage of the PSA bill is expected to attract more foreign investments and create more job opportunities for Filipinos. It will also help the Philippines become more competitive in the global market and improve its economic standing.

In conclusion, the support of foreign chambers of commerce for the PSA bill is a positive development for the Philippines. The passage of the bill will not only benefit foreign investors but also local businesses and consumers. It is hoped that the Senate will heed the call of these chambers and pass the bill as soon as possible.