MANILA -- Philippine President Rodrigo Duterte is allowing foreign contractors to have greater ownership in domestic construction projects, according to an executive fiat released on Wednesday, which also liberalizes other sectors.
Foreigners may now own up to 40% in “contracts for construction and repair in locally funded public works,” subject to "applicable regulatory frameworks", up from 25% under the previous rules. The easing of restrictions dovetails with Duterte’s massive infrastructure drive.
