Amendment of the PSA
remains unacted by the Senate
By Mortz C. Ortigoza
Amendment to 100 % foreign or Filipino the ownership of a business utility in the Philippines can solve the Filipinos unemployment problem as it will open the economy to more investors.
So who says that Federalism is the economic silver bullet?
It’s the amendment of the Public Service Acts (PSA), dimwit, that until now the Senators procrastinate to pass so President Rodrigo Duterte can sign it into law.
The present PSA or otherwise known as Commonwealth Act No. 146 covers all types of common carriers, be it by land, air or water, water supplies and systems, petroleum, electricity, communications systems and even broadcasting stations.
It is where utilities have been mandated by law to be averagely 60 percent owned by Filipino or Filipinos despite the thick pockets of the foreign partners who sulked themselves to settle for the 40 % of the voting stocks.
|Tycoons in the Philippines where 14 of them joined the richest people in the world according to Forbes Magazine's Richest People in the Planet for 2017. Photo Credit: Cebu Properties.|
Because of this seemingly xenophobic equity, foreign investors go instead to Mainland China, Singapore, Thailand, Vietnam, and other South East Asian countries.
If the House of Representatives passed the PSA in September last year, why the Mabagal na Mataas na Kapulungan or Slow Senate as derisively called by Speaker Panty Alvarez until now sits on it?
Is it because its campaign time for the May 13, 2019 poll for re-elective senators like Grace Poe, Cynthia Villar, Nancy Binay, Sonny Angara, Koko Pimentel, Bam Aquino, and JV Ejercito where they have to crisscross the country in an expensive hundreds of millions of pesos stump where they need radio and television advertisement?
Do they need badly the monies and aircraft of these corporations being affected by the amendment of the PSA?