Opening up

Three economic liberalization measures passed by the outgoing Congress are expected to have tremendous impact—in terms of higher manufacturing, more jobs created, and greater foreign investments flowing into the country.

The effect of the decades-long restrictions gave rise to monopolies—in telco, water distribution, electricity distribution, and public utilities like mass transportation, and along with their monopolistic or oligopolistic practices –inefficiency, bad service or product, oppressive rates, and abusive conduct detrimental to the Filipino.

The amended PSA no longer classifies telcos and transportation as public utilities. That means telcos can have substantial foreign equity and charge rates as high as they want to, subject to perception of reasonableness. And airlines and bus companies can have 100 percent foreign ownership. With telcos open to new players, local and foreign, expect their rates to come down. Per NEDA data, the average monthly download speed of the Philippines is 82.61 mbps. That is the 63rd fastest among 178 countries. In download speed for cell phones, the Philippines averages 42.44 mbps—65th among 138 countries.

Karl Chua says the Philippines is considered the most restrictive in ASEAN and the third most restrictive in the world. Retail capitalization is now uniform at P25 million, with minimum capitalization per store pegged at P10 million. Categories as to high-end or foreign-owned are removed. The government no longer gives a damn who the parent company of the retailer is.

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