Senate Bill (SB 2094) amended Commonwealth Act 146 or Public Service Act. Foreigners can own 100% business in RP now?
3 years ago
Fellow Expats,
I just read in the news about a SB 2094 signed by the President, which amended Commonwealth Act 146 or the Public Service Act. By redefining the term Public Utilities as "public service that operates, manages or controls for public use" any of the following: distribution or transmission of electricity; petroleum and petroleum products pipeline distribution systems, water pipelines distribution systems and wastewater pipeline systems; as well as airports, seaports, public utility vehicles and tollways or expressways, which are still subject to the no more than 40% ownership by foreigners contraint. Anything else are categorized into Public Services, which are No Longer subject to no more than 40% foreign ownership limit. Does this mean foreigners can own 100% of businesses in RP as long as it is not Public Utilities? So, you can own more than just a restaurant, hotel, store/shop, trading firm, car/engine repair shop, rice mills, or even a manufacturing factory for some products here in RP. Is it true? Can someone with expertise in the topic chip in your knowledge. Appreciated! I am excited by this news. Are you?
Obviously this is not about the law banning foreigner from owning land in the Philippines. Let's not talking about land ownership here. Just focus discussion&exchange on the business ownership side.
Source of the information: https://www.manilatimes.net/2021/12/15/news/senate-passes-bill-allowing-more-foreign-investors-to-ph/1826068
I just read in the news about a SB 2094 signed by the President, which amended Commonwealth Act 146 or the Public Service Act. By redefining the term Public Utilities as "public service that operates, manages or controls for public use" any of the following: distribution or transmission of electricity; petroleum and petroleum products pipeline distribution systems, water pipelines distribution systems and wastewater pipeline systems; as well as airports, seaports, public utility vehicles and tollways or expressways, which are still subject to the no more than 40% ownership by foreigners contraint. Anything else are categorized into Public Services, which are No Longer subject to no more than 40% foreign ownership limit. Does this mean foreigners can own 100% of businesses in RP as long as it is not Public Utilities? So, you can own more than just a restaurant, hotel, store/shop, trading firm, car/engine repair shop, rice mills, or even a manufacturing factory for some products here in RP. Is it true? Can someone with expertise in the topic chip in your knowledge. Appreciated! I am excited by this news. Are you?
Obviously this is not about the law banning foreigner from owning land in the Philippines. Let's not talking about land ownership here. Just focus discussion&exchange on the business ownership side.
Source of the information: https://www.manilatimes.net/2021/12/15/news/senate-passes-bill-allowing-more-foreign-investors-to-ph/1826068
