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Filipinos. However, the proposed law (Senate Bill 2094) aims to revise the
definition of “public utilities" and distinguish it from “public services”. This
allows those classified as public services, including previously labeled public
utilities like telecommunications, transportation, power generation, petroleum,
and wireless communications, will be exempt from the constitutional
requirement of 60% Filipino ownership.
https://www.manilatimes.net/2021/12/15/news/senate-passes-bill-allowing-more-foreign-investors-to-ph/182606 8