Philippine Congress Allows Full Foreign Ownership in Telco, Rail
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The Philippine Congress approved a bill allowing full foreign ownership of telecommunications and railways services, opening up one of the world’s most restrictive economies.
The House of Representatives and the Senate ratified Wednesday night a reconciled bill amending the 85-year-old law that caps foreign ownership of public utilities to 40%. The measure will now be up for President Rodrigo Duterte’s approval into law.