Philippines Moves Closer to Raising Foreign Holding Limits
(Bloomberg) -- A proposal to amend the Philippine Constitution to allow greater foreign ownership was filed in the Senate by its top official, further setting in motion efforts to open the Southeast Asian nation to more investors.
Most Read from Bloomberg
Trump Scores Easy Win in Iowa With DeSantis a Distant Second
What Is Disease X? How Scientists Are Preparing for the Next Pandemic
Apple to Pull Blood-Oxygen Tool From Watches to Avoid US Ban If Appeal Fails
China Banks Tighten Curbs on Russia After US Sanctions Order
Senate President Juan Miguel Zubiri and two of his colleagues filed the proposal on Monday, which when passed would allow foreign ownership limits to be raised, particularly in public utilities, education and advertising.
“The nation’s economic policy must be reframed under the demands of the increasingly globalized age,” read a copy of the resolution posted on the Senate’s official Facebook page. The document also proposed that the Senate and the House of Representatives separately approve any constitutional change.
President Ferdinand Marcos Jr. last month backed a review of the nation’s nearly 40-year-old Constitution to attract more foreign investments. House Speaker Martin Romualdez said he will push for these changes this year, but some lawmakers have questioned the timing and motive of such moves.
Most Read from Bloomberg Businessweek
Trumponomics 2.0: What to Expect If Trump Wins the 2024 Election
Kim Kardashian’s Skims Isn’t the Only Celebrity Brand to Watch
©2024 Bloomberg L.P.
