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Manila Bulletin devider Philippines devider National devider Marcos signs EO outlining foreign investment limits

Marcos signs EO outlining foreign investment limits

Published Apr 16, 2026 05:14 pm
President Ferdinand 'Bongbong' Marcos Jr. (MB File Photo)
President Ferdinand 'Bongbong' Marcos Jr. (MB File Photo)
President Marcos has signed an executive order that unveils a list of investment areas open to and restricted for foreign investors.

Under Executive Order No. 113, dated April 13, the 12th Regular Foreign Investment Negative List (RFINL) is amended.

According to the Department of Economy, Planning, and Development (DepDEV), "there is a need to amend the 12th RFINL to reflect changes to Negative Lists A and B, pursuant to existing laws and consistent with the policy to ease restrictions on foreign participation in certain investment areas or activities."

According to the order, no foreign equity is allowed in sectors and activities such as mass media, except recording and internet business; corporate practice of profession in architecture; cooperatives; private security agency; small-scale mining; utilization of marine resources in archipelagic waters, territorial sea, and exclusive economic zones; ownership, operation, and management of cockpits; manufacture, repair, stockpiling, and/or distribution of nuclear weapons, biological, chemical and radiological weapons, and anti-personnel mines; manufacture and retail of firecrackers.

Up to 25 percent foreign equity is allowed in private recruitment for local or overseas employment, and contracts for the construction of defense-related structures.

Moreover, up to 30 percent foreign equity is allowed in advertising.

Up to 40 percent foreign equity is authorized in retail trade enterprise with paid-up capital of less than P25 million; exploration, development, and utilization of natural resources including the appropriation of eater direct from a natural source except agreements entered into with the President; ownership of private lands; operation of public utilities; educational institutions; culture, production, milling, processing, and trading of rice and corn; government procurement of goods; government procurement of infrastructure projects; government procurement of consulting services; operation of commercial fishing vessels; ownership of condominium units.

Up to 100 percent ownership is allowed for the operation and management of telecommunications, provided the country of the foreign national grants reciprocity to Philippine nationals, and up to 50 percent foreign equity in the absence of such reciprocity.

The EO also listed areas where foreign ownership is regulated for reasons of security, defense, health and safety, and the protection of small- and medium-scale enterprises.
The order shall take effect after its publication. 

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