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Bangkok Post

World

Philippines allows full foreign ownership in telco, rail

A Manila Light Railway Transit System train travels along an elevated rail track above traffic during rush hour as in Manila, the Philippines, on June 13, 2019. (Photo: Bloomberg)

The Philippine Congress approved a bill allowing full foreign ownership of telecommunications and railways services, opening up one of the world’s most restrictive economies.

The House of Representatives and the Senate ratified Wednesday night a reconciled bill amending the 85-year-old law that caps foreign ownership of public utilities to 40%. The measure will now be up for President Rodrigo Duterte’s approval into law.

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