Full foreign investment in shipping companies is to be allowed in the Philippines after President Rodrigo Duterte signed a new law into effect.
The Republic Act clears 100% overseas ownership in companies involved in public services, which includes domestic shipping, rail, airlines and telecommunications.
The move is seen as a further liberalisation of the Philippines economy.
The act excludes these industries from being defined as a public utility and being subject to a cap of 40% foreign ownership, Business World reported.
