Philippines opens shipping to foreign ownership

Shipping is one of several industries in the Philippines that will be open to full foreign ownership. President Rodrigo Duterte last week signed into law an amendment to the 85-year-old Public Service Act (PSA), which had hitherto capped these sectors (telecommunications, airlines, expressways and railways) at 40% foreign ownership. “I believe that through this law, the easing of foreign equity restrictions, we will attract more global investors, modernize several sectors of public service, and improve the delivery of essential services,” Duterte said.