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Poe urges NEDA to fasttrack PSA’s IRR

February 18, 2023 Camille P. Balagtas 280 views

SENATOR Grace Poe called on concerned executive agencies to expedite the release of the implementing rules and regulations (IRR) of the Public Service Act (PSA) to allow the people to benefit from improved services and goods with more investments.

Poe stressed that the IRR that will facilitate the law’s implementation has yet to be issued close to a year after the PSA became a law.

“I would like to appeal to the executive, particularly the National Economic Development Authority, to speed up the drafting of the IRR so that the benefits of the Public Service Act will finally be realized,” she said.

“It is in the law that within six months from the effectivity of the measure, the IRR shall be ready,” she added.

Republic Act No. 11659 or the PSA was signed into law on March 21, 2022. It amends the 85-year-old Commonwealth Act No. 146 by relaxing restrictions on foreigners to completely own businesses in the country, but with clear safeguards.

Specifically, the law allows full foreign ownership of businesses in select industries such as telecommunications, airlines and railways.

However, some sectors will remain restricted to full foreign equity such as public utility vehicles, water, electricity, petroleum pipelines and seaports.

“The final law has been a product of years of deliberation and inputs by various stakeholders to ensure its soundness and positive impact on the lives of our people. It’s time we reap its benefits,” Poe said.

The senator pointed out that the PSA was among the legacy bills passed into law by the last Congress to help shore up economic development.

The other laws include the Foreign Investments Act and the Trade Liberalization Act.