More birthdays to come Ptr. Fernando Abraham
…the family of Broadcaster and educator, Dean Dorothy Montojo-Agnis who has passed away, hereby extending their gratitude to pious readers for showed sympathy to their bereavement… Good night Ate, see you in the morning!
3 months to EMMANUEL
PACQUIAO 22
March, fire prevention month
Klinpix Janitorial and Pest Control Services is hiring riders with units of college or equivalent in non-formal training, 09438144995, 09916444376
The National Telecommunications Commission warned watching public to withold any information to anyone offering job, it is scam.
PDU30 signs law on 100% foreign ownership of media, telcos, rail
By J.Lo
“I believe that through this law, easing out of foreign equity restrictions will attract more global investors, modernize several sectors of public service and improve delivery of essential services,” President Rodrigo Duterte signed law amending Public Service Act and effectively allowing 100% foreign ownership of public services such as mass media, telecommunications, railways, among others.
The new law reclassifies mass media, telecommunications, railways, airlines, and logistical facilities as public services from their previous classification as public utilities.
Under 1987 Constitution, foreigners may only own up to 40% of public utilities .
“Indeed, the enactment of this amended law, as well as amended Foreign Investments Act, will help stimulate economy, especially for local businesses, it is also expected to generate more jobs for Filipinos, improve basic services for Filipino consumers and allow exchange of skills and technology with country’s foreign partners ” the President stressed.
The new law still prohibits majority foreign ownership on the distribution and transmission of electricity; petroleum and petroleum products, pipeline transmission systems; water pipeline distribution systems and wastewater pipeline systems, including sewerage pipeline systems; seaports; and public utility vehicles which are still classified public utilities.
House Ways and Means panel chairman and the law’s principal author Joey Salceda said new law was the closest that the country had been to overcome “growth overhang caused by the 1987 Constitution’s foreign equity restrictions.”
“It cures our self-inflicted Foreign Direct Investment limits…no one told us public services are necessarily public utilities…we just assumed that they meant the same thing, so we imposed foreign equity restrictions on broad swathe of services in need of capital,” Salceda said in a statement.
“We did not have to do that…this law settles question,it’s a massive reform because it opens us to foreign capital…we need a lot of foreign capital…we have plenty of domestic talent, but they leave for abroad because capital required to hire them is invested abroad,” Salceda concluded.
ISKUP! 