A series of public consultations on giving 100-percent foreign-owned construction companies a free reign in doing business in the Philippines started on Tuesday, according to the Department of Trade and Industry.
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The point of discussions revolve on taking down the 60-40 rule that covers construction companies, the department noted on its website.
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The idea hinges on the creation of a wider base for public-private partnerships, the Aquino administration's flagship initiative on infrastructure development.?
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The Trade Department and the Philippine Contractors Accreditation Board (PCAB) want feedback from stakeholders on the feasibility of allowing contractors to secure an operating license ? valid for 12 months ? for various projects.
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Consultations for Metro Manila-based stakeholders started Tuesday, with Davao-based stakeholders getting their day to give their views and comments on Feb. 5 and those in Cebu City on Feb. 7.
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The public-private PCAB is the agency authorized to give construction firms the license to operate in the country.
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Under the Implementing Rules and Regulations of Republic Act (RA) 4566, or the Contractors? License Law, foreign-owned contractors usually get a special license for a specific project within a specified timeframe.
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Twelve-month licenses are reserved for companies that at at least 70-percent Filipino owned.
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The construction industry is part of the Foreign Investment Negative List which sets stringent limits to foreign participation and ownership. ? VS, GMA News
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