Do you agree on a bill passed by the House of Representatives stipulating 100% foreign-owned utility companies in the Philippines?Discuss the pros and cons of the said bill.(Supporting Details Attached) House passes bill allowing 100% foreign ownership of public servicesPublished 5:07 PM, March 10, 2020Updated 4:56 PM, April 14, 2020 Mara Cepeda (Rappler)MANILA, Philippines (UPDATED) – The bill that would allow foreigners to fullyown public services like transportation, communication, and power firms in thePhilippines successfully hurdled the House of Representatives.On Tuesday, March 10, 136 lawmakers voted yes to House Bill (HB) No. 78,which would give a distinction between how a public service and a public utility isdefined under Commonwealth Act No. 146 or the Public Service Act, in effect allowingforeigners to fully own public services in the Philippines.A total of 43 legislators – including several allies of President Rodrigo Duterte -voted against the bill, while one abstained from the vote.Under HB No. 78, public services are those which are "non- rivalrous or imbuedwith public interest," such as:Marine repair shopWharf or dockCanalPublic marketIrrigation systemGasElectric lightHeat and powerWater supply and powerPetroleumSewerage systemTelecommunications systemWire or wireless communication system HB No. 78 then limits the definition of public utility to any person or entity thatoperates, manages, or controls for public use the distribution of electricity, transmissionof electricity, water pipeline distribution, and sewerage pipeline.But HB No. 78 not only makes a distinction between public services and publicutilities, it also leaves out the 60-40 constitutional rule on foreign ownership.The Senate version of the bill remains pending at the committee level. It has tobe approved by senators on 2nd and 3rd readings before Duterte can sign it into law.Opposition lawmakers have long argued the measure is unconstitutional.This is because Section 11, Article XII of the 1987 Constitution currently reservesthe ownership, operation, control, and management of public utilities to Filipino citizensor to corporations or associations, and at least 60% of its capital stock should by ownedby Filipinos.Gabriela Representative Arlene Brosas said the bill would now allow foreignersto own "critical" public services like telecommunications and transportation.She also said the passage of HB No. 78 "more or less fulfills the goal ofeconomic charter change without tinkering with the 1987 Constitution.""Foreign ownership of our mobile communication services, mass transits, and oilextraction will not improve the quality of services. Rather, it will leave us all vulnerable toexternal shocks and risks at the expense of course of ordinary consumers, in the formof higher fares and fees," she added.But House committee on economic affairs chairperson Sharon Garin, whosponsored HB No. 78 in the plenary, said it does not violate the Constitution.She cited jurisprudence from the Supreme Court (SC) in the JG Summit Holdingsvs Court of Appeals case, where the justices upheld the removal of shipyards from thedefinition of public utility.Garin also said that in the National Power Corporation vs Bataan provincialgovernment case, the SC also ruled that "power generation is no longer considered apublic utility operation.""The Supreme Court has upheld the removal of sectors previously consideredpublic utilities.. It should be further emphasized that [the bill] is entitled to thepresumption of constitutionality which every treaty, executive agreement, and statuteenjoys," the AAMBIS-OWA representative said in a statement."The burden of proof is on the petitioner to clearly demonstrate that the assailedstatute is unconstitutional," she added.

Here below discuss the details of the bill passed by the House of representatives to allow the…

Do you agree on a bill passed by the House of Representatives stipulating 100% foreign-owned utility companies in the Philippines? Discuss the pros and cons of the said bill. (Supporting Details Attached)

Do you agree on a bill passed by the House of Representatives stipulating 100% foreign-owned utility companies in the Philippines? Discuss the pros and cons of the said bill. (Supporting Details Attached)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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