Do you agree on a bill passed by the House of Representatives?
Original question: Do you agree on a bill passed by the House of Representatives stipulating 100% foreign-owned utility companies in the Philippines? No. While Im a staunch supporter of economic reform, which involves lifting or reducing caps on foreign equity ownership on many industries, utility industries arent one of them. Utility companies, which include energy, water and telecommunications, produce necessities, not wants. Total foreign equity ownership merely allows foreign shareholders to freely hike the prices of their products and services which the government may not be able to control. In the context of crises like the pandemic, doing so only forces ordinary consumers to shell out more of their savings and worsen their financial adversities. Shareholders, executives and managers dont really care about the welfare of working-class consumers. They only care about whether their dividends and bonuses increase. Utility companies also tend to be oligopolies or monopolies, meaning that their products and services have few to no substitutes. Because of this, prices would be naturally expensive, and consumers will be forced to pay. If Meralco, a private energy company which holds a monopoly over energy production in Manila and adjacent provinces, can routinely charge us thousands of pesos monthly, imagine what would happen if foreign investorsmore accustomed to, and expecting larger returns on investmenton these industries enter the picture. I believe that the industries falling under utilities shall be one of those in which no foreigner can own a single share of their stock. I even believe that such companies must be totally or partially state-owned (but allowing only local investors to own stock) in order to protect lower income consumers who NEED their products and services.