By Wilnard Bacelonia
February 17, 2023, 3:20 pm
The National Economic Development Authority (NEDA) and other concerned agencies were called on Friday by a lawmaker to expedite the release of the implementing rules and regulations (IRR) of the Public Service Act (PSA) to allow the people to benefit from improved services and goods with more investments.
Senator Grace Poe stressed that the IRR, which will supposedly facilitate the law’s implementation, has yet to be issued close to a year after the PSA became a law.
“I would like to appeal to the executive, particularly the National Economic Development Authority, to speed up the drafting of the IRR so that the benefits of the Public Service Act will finally be realized,” Poe said in a statement.
“It is in the law that within six months from the effectivity of the measure, the IRR shall be ready,” she added.
Republic Act 11659 or the Public Service Act, which was signed into law on March 21, 2022 by former President Rodrigo Duterte, amends the 85-year-old Commonwealth Act 146 by relaxing restrictions on foreigners, but with clear safeguards, on completely owning businesses in the country.
Specifically, the law allows full foreign ownership of businesses in select industries such as telecommunications, airlines and railways.
However, some sectors will remain restricted to full foreign equity such as public utility vehicles, water, electricity, petroleum pipelines and seaports.
Prior to the approval of the law, foreign ownership in the sectors was limited to 40 percent.
“The final law has been a product of years of deliberation and inputs by various stakeholders to ensure its soundness and positive impact on the lives of our people. It’s time we reap its benefits,” Poe said.
In coordination with the NEDA, the following agencies will have to promulgate the IRR of the law: Civil Aeronautics Board, Civil Aviation Authority of the Philippines, Department of Energy, Department of Environment and Natural Resources, Department of Information and Communications Technology, Department of Transportation, Energy Regulatory Commission, Land Transportation Franchising and Regulatory Board, Land Transportation Office, Local Water Utilities Administration, Maritime Industry Authority, Metropolitan Waterworks and Sewerage System, National Telecommunications Commission, National Water Resources Board, Philippine National Railways, Philippine Ports Authority, and the Toll Regulatory Board were tasked to promulgate the IRR of the Public Service Act. (PNA)
Source: https://www.pna.gov.ph/articles/1195465