Inviting foreign investors

ONE of the objectives of the Maritime Industry Authority (Marina) Memorandum Circular DS-2023-02 on Guidelines on Domestic Shipping as "Public Service" Under Republic Act (RA) 11659 and Its Implementing Rules and Regulations is to liberalize public services by allowing one hundred percent (100 percent) foreign ownership in the domestic shipping industry. The policy enunciated under RA 11659 refers to expanding the investment base of public services in the country, including domestic and overseas shipping.

I was one of those who expressed concern about the government policy of opening up domestic shipping to 100 percent ownership but, on the other hand, agreed to lift the cap on foreign equity participation in overseas shipping. A convincing answer is yet to be posted on the question of why the other modes of transport are considered "public utility" to which only 40 percent is open to foreign investment while sea transport is categorized as "public service" and therefore open to foreign ownership. Who is supposed to explain this?