Twelve international chambers in the Philippines are urging lawmakers to approve as soon as possible the proposed amendments to the Commonwealth Act (CA) 146, also known as the Public Service Act (PSA) to allow new investments to enter the Philippine economy.
“We, the undersigned foreign chambers of commerce in the Philippines commend the Philippine Senate for beginning the plenary debate on SB (Senate Bill) 2094 and encourage the Congress to complete passage of this important legislation at the earliest possible time,” they said in a statement of support released on Monday.
The chambers added they fully support the passage of this critical legislation and pledge to work with the appropriate firms in their member countries of Australia-New Zealand, East Asia, Europe, and North America to bring the law to their attention.
“We will encourage them to invest in the Philippines and support better public services for the Filipino people,” they added.
These foreign chambers include the American Chamber of Commerce of the Philippines Australian-New Zealand Commerce of the 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, German-Philippine Chamber of Commerce and Industry, Japanese Chamber of Commerce & Industry of the Philippines, Korean Chamber of Commerce of the Philippines, Nordic Chamber of Commerce of the Philippines, Philippine Association of Multinational Companies Regional Headquarters Inc., and Philippines-Swiss Business Council Spanish Chamber of Commerce in the Philippines.
They said the amendments to CA 146, once adopted, would authorize and promote new foreign investments in telecommunications, transportation, and other services.
“This is expected to increase competition, improve technology, modernize and lower the prices of services to the benefit of Filipino consumers,” the groups added.
As a result of this “game-changing” reform, the Philippines will reap multiple benefits, according to them, as local and foreign companies compete side by side and collaboratively to offer better services to Filipinos.
The amendments will also encourage the government and taxpayers to spend even more money in the country and expand infrastructure services at no cost to them, the chambers added.