ABS-CBN News | Posted at Nov 24 2016 01:46 AM

MANILA – President Rodrigo Duterte on Wednesday vowed to boost economic growth by opening up the telecommunications and energy sectors to new players.

“In the area of telecommunications, we are now finalizing our plans to open up the information and communications technology industry to new players in order to promote competitiveness and improve quality of service,” he said.

“The only way to make this country more faster to benefit the poor is really to open up the communications, the airwaves and the entire energy sector. My decision now is bubuksan ko ang Pilipinas (I will open the Philippine economy to other players),” he added.

Duterte said it is about time to make competition open to all.

The president revealed that his administration is looking at legal and regulatory frameworks that would hasten the entry of new players.

“The Philippines acknowledges the significant role of more vibrant telecommunications and power industries to be able to participate in the global market with a competitive edge,” Duterte explained.

Duterte was earlier vocal about bringing new players in the telecom and energy sectors.

Days after winning the presidential elections, Duterte said he might open the Philippine telecom market to foreign players if the local companies fail to deliver.

Duterte also warned the energy sector from running its operations like a cartel.

“Don’t control the energy industry. If there is a cartel or somebody na magko-compete kayo at a price higher than usual, I will open the Philippines too — pasok lahat.” he said.

“Solar is becoming cheap now, it used to be very expensive, now the price is diving in Europe.”

Source: www.news.abs-cbn.com/business