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*ll,:T:truii:ili; rurther 1987 Constitution did not exPlic- itly define, or enumerate, a list of I EconomicAffairsonWednes- amend the PSA to effect the nec- public utilities, DeputY SPeaker I day approved another prior- essary changes in the antiquated Ferdinand Hernandez said the low- ity measure being pushed by the .provisions of the law to increase er chamber must not turn a blind Duterte administration with the its relerrance to contemporary con- eye to its possible dangerous and approval of an amendment of the cerns, in the interest of providing far-reaching repercus sions. Public ServiceAct (PSA) of 1936 that the generalpublicwithmore choices, HernanJ ez, in his manifes- seeks to provide a "clearer" defini- bettlr r"r,ri.ur, and lower prices. tation during the hearing, said tion of public utilities. It also prescribes a 12-percent amending the PSAthat couldlead Members of the committee cap on rate of return and piohibits to the exclusion of common carri- chairedbyAAMBIS-OWARep.Sha- income tax as operating expense ers is contrary to the intent of the ron Garin invoked House Rule 10, for rate-determination purposes Constitution in safeguarding and Section 48, or the one-day hearing -for public services, including public protecting public interest. onlyrule, to fast-track the approval utilities,consistentwithadministra- "The threat to national securitY ; of the bill in the lower chamber. , five and judicial pronouncements. cannot be overstressed. Imagine if While the committee invoked the our airspace, roads, and internal House Rule 10, Section 48, Garin, FUfthef StUdigS waters are filled with and controlled however, said amendments and fur- AS S I S TA N T M aj o rity L e ader by foreign-owned common carriers therdeliberationswillbe entertained Manuel Zubir i s aid further stud- and they can:freely roam within at the plenary, even as lawmakers ies are neededbefore thepasslge our national territory and'have ac- warnedthatbetweeneconomicben- of the bill amending the pSe. cess to every island and corner of efits and the security of the public, ,'I think we have to b" very care- our nation," he said. the lower chamber should consider ful. Let,s stgdy it as careful as pos- "We are easily provoked bY and thelatteras"primordial." " sible, !f we need to 4men4Jet,l get angry at the mere sight of a The approved-consolidated bill ,-amend it. But,'of course, *u ."nt foreign marine vessel plYing our provides for a clearer definition of close the door, because everyone is internal waters; and yet, we want public utility that covers three sec- goingglobal.Intheend,let'sdecide. to al1ow them to do this at a much tors: distribution of electricity sys- Kasi maraming pera'yung mga nasa Iarger scale?" he asked. tem, transmission of electricitysys- Iabas kaysa sa atin. [We may not be Also, Hernbndez said oPen- tem and water pipeline distribution able to match the financial capabil- ing the window for foreigners to system, orseweragepipelinesystem. . ity of other investors]. We also need effectively control the transpor- Currently, Garin said, the opera- toprotectourbusinessmen...That's tation industry will Put the rid- tion of public utilityis subject to the why we are here to create the laws ing public at the mercy of foreign 60-40 rule under the Constitution. that is deserving of our people and corporations and entities who maY "However, the charter does not ourcountry"hesaid.inanintlrview. well serve foreign entities. define lpublic utility]. current- 'At the end of .the day, if it's a 'And what if one daY, these ly, our definition of public utility win-win for both'countries, both foreigners decide to cease oPera- isthePSAandotherjurisprudence groups, the Filipino group and the tions and leave our cou"ntrY. Just issued by the Supreme Court. So , ioreign group, ttt probt"rn. If we re- imagine the chao's that would now we're putting definition of -.ally need for example the services ensue," Hernandez added. the public utility," she said. ngisangbansa,pero aslong as,later According to the lawmaker, the Albay R,ep. Joey S. Salceda, senior on if theyhave someone big here in importance of regulation bY the vicechairmanof theeconomicaffairs the country,that wants to do busi- state of transportation cannot be committee and orte of the authors of ness, as long as the laws are same for emphasized enough. the bill, said consumers often experi- both countries, I'm okay with it. Di The deputy speaker said he is encehighprices andpoorqudityofba- naman pw e de a nego sy o na onesided. s now studying his amendments to sicservicesinthePhilippinesbecause [Doing a one-sided business may the bill, which he will introduce only a few local players, or oligarchs, not woik]. It has to be a two-way during the period of amendments effectively control the market. state. So if we keep our door opens at the plenary. for them, they have to keep their qlPa@ -,49U doors open for us," Zubfuiadded.
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 Largest Companies Which Derive The Majority of Their Sales Revenue From Mainland China