TeleGeography Logo

Philippines’ SEC gives companies five years to comply with foreign ownership rules

6 Nov 2012

The Securities and Exchange Commission (SEC) in the Philippines has decided to give domestic companies that breach the country’s 40% limit on foreign ownership, up to five years to redress the situation – based on new draft rules for Philippine corporations released on Monday. The SEC’s proposed new rules effectively implement the 9 October Supreme Court ruling on the foreign ownership of dominant carrier Philippine Long Distance Telephone Company (PLDT) — a decision which has potential implications for Filipino firms as the country’s High Court has set down specific definitions on how the 60:40 ownership rule (which favours Filipinos) should be calculated. Industry watchers have welcomed the SEC’s move however, saying that the release of the draft rules should provide a measure of confidence to investors.

Philippines, PLDT Inc. (incl. Smart Communications)

GlobalComms Database

Want more? Peruse the GlobalComms Database—the most complete source of intel about mobile, fixed broadband, and fixed voice markets.


TeleGeography is the definitive source for telecom news, numbers, and analysis. Explore the full research catalog.