President Rodrigo R. Duterte said on Wednesday upon his arrival at the Davao International Airport from New Zealand that he will open the Philippines to foreigners who are willing to invest in telecommunications and power industries. Duterte was also from Lima, Peru as he attended Asia-Pacific Economic Cooperation summit.

Here are three fast facts on Duterte opening the telecom and power industries to foreign players.

 

1. Duterte said this is for the sake of making the Philippines open to global market with competitive edge.

“The Philippines acknowledges the significant role of more vibrant telecommunication and power industries to be able to participate in the global market with a competitive edge,” The Philippine Star reported Duterte, as saying. He added in his speech that the government is already in the process of opening up information and communications technology industry to new players in order to improve quality of service.

2. Duterte said his government is making reforms to make the Philippines the top investment destination of choice.

“Magbaha ‘yan dito (It will flood here). China… and everybody. Energy is really big money”, Duterte said. Duterte added the existing players must change its prices to make the services cheaper.

“I-dive mo lahat ‘yang charges niyo (Let all your charges dive)… eh mahal eh kaya (they’re expensive so)… then, I will let the others in until you say you are okay even if (the charges) are cheaper,” Duterte said.

3. Duterte challenged oligarchs and existing players while also emphasizing the need to provide benefit to the poor faster.

“You are here already. Be content with that... But let us open everything to end the suffering of the Filipinos,” Business World reported Duterte, as saying. Duterte was referring to corruption, which he said is making the competition limited in these industries and therefore putting the country “at the mercy of the corrupt people in this planet.”

The president, however, said that he do not want to quarrel with Ayalas and Pangilinan. Two of the largest telecom companies in the country, Globe Telecom and PLDT, Inc., are owned are the Ayalas and Manuel V. Pangilinan, respectively.

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