Philippine senate passes bill to allow foreign control of telcos, airlines

MANILA (Reuters) – Philippine senators on Wednesday authorised a bill that may allow full foreign possession of public suppliers like telecommunications, airlines and residential supply companies.
The Southeast Asian nation, which has been hampered by restrictive possession limits and bureaucratic crimson tape, is collaborating in catch-up with many of its neighbours in attracting foreign direct funding.
The bill, which updates a 1935 regulation, will take away the 40% foreign possession cap on telecommunications, airlines, supply, railways and irrigation. Foreign possession limits will keep on public utilities like electrical power, water distribution and the operations of seaports and airports.
“By opening our financial system to a numerous set of consumers, we’d current our fellow Filipinos with additional and better selections,” talked about Senator Grace Poe, who was one the bill’s principal authors.
The Joint Foreign …

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