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Economy

Philippines pushes to ease Asia's toughest foreign investment rules

Duterte-backed overhaul faces opposition from entrenched conglomerates

Filipinos work at the assembly line of Taiwan-based Kinpo Electronics' factory in Malvar, Philippines.    © Reuters

MANILA -- The Philippines is closer to loosening its strict rules on foreign direct investment, long seen as hindering global companies looking to crack a large Southeast Asian market dominated by local conglomerates.

The Philippine Senate is poised to take up legislation amending three laws -- the Foreign Investments Act, the Retail Trade Liberalization Act and the Public Services Act -- that were approved by the country's House of Representatives last year.

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