“Where is it?”

The National Economic Development Authority (NEDA) is two weeks too late in submitting the implementing rules and regulations (IRR) of the amendments to the Public Service Act (PSA) or Republic Act (RA) 11659.
“The deadline was months after the effectivity of the Public Service Act. That deadline lapsed two weeks ago. Where’s the IRR?” asked House Ways and Means Chairman Albay 2nd district Rep. Joey Salceda on Wednesday, Oct. 19.
Then-president Rodrigo Duterte signed RA 11659 into law last March 21.
READ: https://mb.com.ph/2022/03/21/duterte-signs-amendments-to-public-service-act/
“This delay is another self-inflicted wound. Our 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,” the economist-solon said.
The measure–which Salceda principally authored–reclassified the following as public services: telecommunications; railways; expressways; airports; and shipping industries as public services. This means that foreign investors can have 100 percent ownership or equity in these industries.
Meanwhile, the following industries were classified as public utilities, and were thus subject to a 40 percent foreign ownership cap: distribution of electricity, transmission of electricity, petroleum and petroleum products pipeline transmission systems, water pipeline distribution systems and wastewater pipeline systems, including sewerage pipeline systems, seaports, and public utility vehicles.
“At this point, especially when the draft was already more or less complete before the Duterte administration ended, this delay is frankly unacceptable. Especially during a time when we are trying to fight off capital flight,” Salceda said.
“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 (Only the IRR is needed). The ball is entirely in NEDA’s court. It’s two weeks past deadline. Where is it?” Salceda wondered.
He added that, if not submitted within the month of October, he would ask the House Committee on Economic Affairs to “inquire” into the delay, potentially referring to an investigation in aid of legislation.
“We’ve tied our own hands from picking this extremely low hanging fruit,” he concluded.