The recently signed amendments to Republic Act (RA) 11659 or the Public Service Act (PSA) are akin to the Oil Deregulation Law and will result in heftier increases in the prices of goods, says House Deputy Minority leader and Bayan Muna Party-list Rep. Carlos Zarate.

President Duterte announced on Monday, March 21 that he had signed the new PSA amendments in an attempt to boost the economy by increasing opportunity for foreign directs investments

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"These PSA amendments that now allow full foreign control of utilities used the same economic framework that created the rapacious oil deregulation law as well as the Electric Power Industry Reform Act (EPIRA) and now look at the exorbitant rates of electricity and incessant oil price hikes in the country" Zarate said in a statement Tuesday, March 22.

"In due time, these PSA amendments will further jack up the prices of telecommunications, shipping and airfares.They may also take over local Filipino companies due to this law....Hindi ito ang gusto ng mamamayan (This is not what the people want)," he added.te underscored that the amendments to the PSA would make consumers vulnerable to future price hikes, reduce overall government control on these utilities much like what the Oil Deregulation Law did, and promote foreign control.

"While just giving a pittance to poor families even if they will increase the aid to P500 per family, the Duterte administration's economic managers are all out in opening our public utilities to foreigners. Humaling na humaling ang mga economic managers sa 'dayuhang pamumuhunan' na tila ito ang liligtas sa ating pabulusok at atrasadong ekonomiya ng Pilipinas (The economic managers are obsessed with ‘foreign investment’ as if this is the solution to the declining economy of the Philippines),” he said.

“Nasyunalisasyon ng mga industriya at tunay na reporma sa lupa ang susi para dito pero bingi pa din ang pamahalaan sa panawagang ito (Nationalization of local industries and true land reform are key solutions but the government remains deaf to this call),” Zarate concluded.

Under the New PSA, the following services are considered “public services” and will be made open to 100 percent foreign ownership: telecommunications; railways; expressways; airports; and shipping industries.

Meanwhile, the following will be classified as “public utilities” and be subject to a 40 percent cap on foreign ownership: 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; Public utility vehicles.