Philippines allows foreign ownership of telcos, airlines

MANILA, March 21 (AFP): The Philippines on Monday eased restrictions to allow foreign ownership of airline, telecommunications and shipping operators, as it seeks to boost jobs and spur activity in the virus-hit economy.

The archipelago nation has long struggled to attract foreign money, as red-tape, corruption and political uncertainty scared off investors who instead pumped billions of dollars into neighbouring nations.

The amendments to the 85-year-old Public Service Act are the latest effort to woo foreign investment and increase competition in sectors long dominated by a few local players.

"I believe that with this law, the easing of foreign equity restrictions will attract more global investors, modernise several sectors of public service and improve the delivery of essential services," outgoing President Rodrigo Duterte said as he signed off on the changes.

Trade Secretary Ramon Lopez said foreign equity restrictions would be "eased out" in several sectors, including telecommunications, shipping, airlines, railway and subways.