MANILA – Trade Secretary Ramon Lopez expects the country will get USD60 billion to USD100 billion worth of investments in the next two years with the signing into law of the amendments to the Public Service Act (PSA).
On Monday, President Rodrigo Duterte enacted into law Republic Act No. 11659 amending the 85-year-old PSA.
“Initial investment leads in the sector will be over USD60 billion composed of telecom(munications), transportation, logistics, (and) railway. This is still understated as other leads have not indicated investment amounts. (It) can be over USD100 billion over two years,” Lopez told reporters in a Viber message Tuesday.
The trade chief has welcomed the newly signed law as it will attract more foreign players that will allow greater competition in the market.
He added the new PSA will also spur technology-based innovations in the country, better quality services at a lower cost, benefitting the consumers.
“We thank the legislators and the business chambers for supporting the economic team in pushing for this legislation. This will surely attract more investments and more jobs for Filipinos in these sectors,” Lopez said.
In a separate statement, former Defense Secretary and senatorial bet Gilbert “Gibo” Teodoro said providing a stable investment climate for all businesses will complement the signing into law of the amended PSA.
“Now that we have eased the rules to attract foreign investments here, the government should ensure that future regulations are consistent with the laws,” said Teodoro, who was an executive of various industries in the past 12 years. (PNA)