Real estate to keep country ‘afloat’ without the 60-40 rule

One of the main issues that businesses face in the country nowadays is the 60-40 ownership rule, which, according to Century Properties Chairman and Chief Executive Jose EB Antonio, can help the country “afloat” particularly in the real estate sector.

“In real estate, I [think we should] open up. Because even if we do, they [foreign investors] cannot take away the real estate [establishments] in the country. And that made Singapore, London, Paris, Hong Kong and New York as premier cities…They have been kept afloat not by local investors but by foreign investors,” Antonio said.