Salceda asks NEDA why the delay in IRR of PSA
Investments

Salceda asks NEDA why the delay in IRR of PSA

Oct 20, 2022, 7:48 AM
Dhana Garcia

Dhana Garcia

Writer

Rep. Salceda is looking for the IRR of the PSA by NEDA, which was expected two weeks ago, as the PSA could help the country's declining foreign direct investments.

Rep. Joey Sarte Salceda, Chairman of the House Committee on Ways and Means, reminded the National Economic and Development Authority (NEDA) that the time for the release of the implementing rules and regulations of the Public Service Act was two weeks ago.

“The deadline was six months after the effectivity of the Public Service Act [PSA]. That deadline lapsed two weeks ago. Where’s the IRR?” Business Mirror quoted Salceda.
“This delay is another self-inflicted wound. Our Foreign Direct Investments (FDIs) are taking a hit due to global conditions. But we can stave off the bleeding by opening up the sectors we already decided to open up by law,” he added.

Salceda was the lead author and sponsor of Republic Act (RA) 11659, or "An Act Amending Commonwealth Act No. 146, Otherwise Known as the Public Service Act," which was signed by President Duterte on March 21, 2022.

Except for public utilities, this measure allows for up to 100 percent foreign ownership of public services in the country.

With the passage of RA 11659, the term "public utility" now refers to any public service that operates, manages, or controls for public use any of the following:

· Distribution of electricity

· Transmission of electricity

· Petroleum and petroleum products pipeline transmission systems

· Water pipeline distribution systems and wastewater pipeline systems

· Sewerage pipeline systems

· Seaports

· Public utility vehicles

The delay of the IRR is unacceptable especially when the country is trying to fight off the capital flight and the draft was more or less completed before the Duterte administration ended .

“Shouldn’t we be throwing anything we have on hand at the problem of low FDIs? I fought very hard in Congress, amid dozens of interpellators, to get this law passed quickly. IRR na lang ’yan. The ball is entirely in Neda’s court. It’s two weeks past deadline. Where is it?” Salceda asked.

The PSA revisions could attract up to P299 billion in new foreign investment over the next five years because of the law's liberalization of key areas.

Salceda added that if the IRR is not released within October, he will ask the Committee on Economic Affairs to inquire into the delay.

Tags: #NEDA, #PSA, #IRR, #FDI


We take a stand
OpinYon News logo

Designed and developed by Simmer Studios.

© 2024 OpinYon News. All rights reserved.