European telcos looking to enter PH after PSA amendments passed

Several European telecommunications firms have expressed intention to invest in the Philippine market following the developments in the Public Service Act.

File photo: Cell towers

European telcos to invest in the PH market?

This is according to Lars Wittig, president of the European Chamber of Commerce of the Philippines (ECCP).

The bill amending the Public Service Act is not just waiting for President Rodrigo Duterte's signature. The measure aims to ease foreign equity restrictions in the telco industry and in other public utilities.

Wittig said the move is an "absolute massive game-changer and it will create double-digits, billion-dollar investments."

The official said that those groups who were eyeing participation in the third telco race "can go back and go for the 51 percent, 99 percent, or 100 percent ownership".

We know who they are. We know they’re very keen. There are interests and potential investors, absolutely. The most obvious to refer to is telco, Wittig said during the virtual launch of the Doing Business in the Philippines 2022.

Among those who wanted to get a slice of the local market were the Norwegian telco Telenor, Austria-based Mobiltel, and UK’s Vodafone.

DITO Telecommunity, backed by China Telecommunications and Davao's Dennis Uy, secured the status as the country's third major telco player.

See also: President Duterte signs amended act to allow full foreign ownership on telcos, other sectors

Source: GMA News