3 weeks SC voids nationality restriction on construction companies Manilatimes |Biz
In a landmark decision on Aug. 26, 2020, the Supreme Court (SC) declared void the 30-year-old foreign equity limitation on construction companies imposed under the “Revised Rules and Regulations Governing the Licensing and Accreditation of Contractors in the Philippines” or the implementing rules and regulations (IRR) of Republic Act 4566 (RA 4566), or the “Contractors’ License Law.” This pronouncement effectively removed a substantial barrier to the entry of foreign contractors in the construction industry and is indeed a significant step toward fair competition in the Philippines. This decision is very timely, since it would give our economy a much-needed ... more