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Economy

Philippines allows foreigners to own telcos, airlines and railways

Duterte signs law easing investment rules months before stepping down

Philippine President Rodrigo Duterte has signed amendments to the Public Service Act, which lift the 40% foreign ownership limit in industries such as telecommunications, airlines, domestic shipping, railways and railways.   © Reuters

MANILA -- Philippine President Rodrigo Duterte has signed a law allowing foreigners to fully own businesses in key sectors like telecommunications and airlines, the latest in the country's efforts to open up its economy.

The Philippines has struggled to attract foreign direct investment, partly due to its restrictive rules.

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