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 in the corner 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 can not pass 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?