MANILA - Removing or easing foreign ownership restrictions on builders and infrastructure firms can help the country upgrade its infrastructure, a European businessman said Wednesday.

Guenter Taus said European companies are willing to contribute to the government's massive infrastructure push but are held back by foreign ownership limits.

"It's really the stumbling block. Why we don't see more development faster is because if you plow in a few million, a few billion dollars, you want to be in control of the company," Taus said in an interview with ANC's Market Edge.

Taus said that while they welcome the changes to the Foreign Investment Negative List, these were still not enough.

This article was originally published in ABS-CBN News last November 21, 2018.