PCC supports lifting of foreign equity limits

THE Philippine Competition Commission (PCC) supports legislative initiatives to amend certain provisions of the Public Service Act (PSA), particularly on foreign equity limits in the transportation and telecommunications industries.

“To begin with, the Public Service Act is antiquated. It still refers to certain business activities such as ice plants and canals as public services or public utilities. With the current economic and business landscape, it is time to update the list of business activities considered as public utilities,” PCC Commissioner Johannes Benjamin Bernabe said in a statement.