The country’s leading group of financial executives threw its support behind the highly contentious Konektadong Pinoy bill, citing its potential to drive new investments that could expand internet access to those left unserved by telco companies.

In a statement on Monday, June 30, the Financial Executives Institute of the Philippines (FINEX) described the bill as a timely legislative effort aimed at addressing long-standing gaps in the country’s digital infrastructure.

Konektadong Pinoy, previously certified as urgent by President Ferdinand “Bongbong” Marcos Jr., seeks to enhance competition in the telco industry, improve the quality of internet services, and promote nationwide digital connectivity.

The measure aims to overhaul the country’s digital landscape by streamlining licensing processes for network providers, as well as granting regulatory authority to the National Telecommunications Commission (NTC).

It stated that internet service providers are no longer required to secure a legislative franchise from Congress; instead, they must only meet the criteria set by the NTC in registering as industry participants.

Following through with this requirement will allow companies to construct, operate, lease, or own network of facilities.

FINEX said this will significantly ease the entry of new players to the country’s telco industry, paving the path to a robust competition.

“This can improve internet access, particularly in underserved rural areas, supporting broader goals of financial inclusion, digital literacy, and regional development,” it said.

The business group pointed out that competition will breed enhanced connectivity, pushing forward progress in education, e-commerce, and government services.

At the same time, it is also seen as a “strong signal” to international technology firms and hyperscalers looking to expand in the region that the Philippines is keen on welcoming them.

“Streamlining the regulatory environment could help the Philippines attract foreign investment in data centers, cloud infrastructure, and digital services, critical enablers for a modern, competitive economy,” said FINEX.

Given its potential benefits to the industry, the group emphasized that the Konektadong Pinoy bill, if enacted, must be carefully implemented.

FINEX said the government should ensure that the entry of new players is supported by a stringent oversight system to ensure that their services are aligned with the country’s standards.

It cited that their services should be of quality, while making sure that its rollout is equitable and consumers fully protected.

The business group stated that there should be incentives and policy guidance in place to ensure that all areas, especially those geographically isolated and underserved, benefit from the bill.

“Furthermore, the shift away from legislative franchises must be complemented by clear and transparent regulatory processes to prevent fragmentation and ensure a level playing field,” it added.

Ultimately, FINEX said the success of this proposed legislation hinges on an implementation that puts people at the center of development.

The Philippine Chamber of Telecommunications Operators (PCTO), which features the country’s leading telco firms, earlier questioned Konektadong Pinoy bill for not removing legislative franchise requirement

PCTO said this will allow foreign-controlled companies to control critical information infrastructure essential for national security.

As it stands, the bill is now awaiting the President’s signature for its enactment.