Business groups and foreign chambers reiterated their call for the Congress to ratify the bill amending the 1936 Public Services Act (PSA) before beginning its campaign recess on February 5, saying that the bill is essential to restoring and eventually exceeding pre-pandemic rates of Philippine economic growth.
The Senate approved the prioritized measure on third reading on December 15, following House approval in March 2020.
In a statement, the business groups said the PSA reform is one of the most important for the Philippine economy in many decades, noting that by encouraging large new capital inflows from abroad into critical infrastructure, the reforms will support and enable faster modernization of a range of vital infrastructure, including telecommunication/broadband, and air, ground and marine transportation services.
“One estimate made in the Congress is that enactment of the House measure will result in over $300 billion in new FDI over the next five years, while adding nearly a half percent to the country’s annual GDP growth,” they said.
Supporting this stance are some of the biggest business organizations in the country, namely the Management Association of the Philippines (MAP), American Chamber of Commerce of the Philippines, Australian-New Zealand Chamber of Commerce Philippines, British Chamber of Commerce of the Philippines, Canadian Chamber of Commerce of the Philippines, Dutch Chamber of Commerce in the Philippines, European Chamber of Commerce of the Philippines, French Chamber of Commerce and Industry in the Philippines, and Financial Executives Institute of the Philippines.
They made their call to the Senate along with the German-Philippine Chamber of Commerce and Industry, Japanese Chamber of Commerce and Industry of the Philippines, Korean Chamber of Commerce of the Philippines, Makati Business Club, Nordic Chamber of Commerce of the Philippines, Philippine Association of Multinational Companies Regional Headquarters Inc., Philippine Cable and Telecommunications Association, Philippine-Swiss Business Council, Semiconductor and Electronics Industries in the Philippines Foundation, Spanish Chamber of Commerce in the Philippines (La Cámara), US-Asean Business Council, US Chamber of Commerce, and Women’s Business Council Philippines.
