The Philippines’ 12th Regular Foreign Investment Negative List was issued in June 2022, providing foreign investors with greater access to the Filipino economy.

The changes reflect the country’s desire to liberalize the investment environment and ably compete with neighbors in the fast-growing ASEAN economy.

On June 27, 2022, then-president Rodrigo Duterte signed an executive order promulgating the Philippines’ Twelfth Regular Foreign Investment Negative List (RFINL). The negative list provides an update to regulations and specifications governing foreign investment in the Philippines.

The publication and updating of the RFINL are mandated under the Foreign Investment Act of 1991. Specifically, the list is mandated to cover investment areas that are open to foreign investors and/or reserved for Filipino nationals.

The issuing of the RFINL was well received with the National Economic and Development Authority (NEDA) commending the government’s continued relaxation of restrictions.

The RFINL is split into two areas – List A and List B. List A enumerates the areas of activities that are subject to foreign equity restrictions under the Philippine Constitution and specific laws. Meanwhile, List B contains areas of activity that are restricted for reasons of security, defense, the risk to health and morals, as well as for the protection of small-and medium-scale enterprises.

Read More

This article was first published by AseanBriefing which is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia from offices across the world, including in in China, Hong Kong, Vietnam, Singapore, India, and Russia. Readers may write to [email protected].

About the author

ASEAN Briefing features business news, regulatory updates and extensive data on ASEAN free trade, double tax agreements and foreign direct investment laws in the region. Covering all ASEAN members (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam)

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

You May Also Like

Thailand emerges as major link in EV supply chain

With its well-established automotive industry and strong government support, Thailand aims to become the EV hub of ASEAN and a major player in the global EV supply chain

Chinese outbound M&A has fallen by 90% since 2016

The decline has been driven by the reinstatement of capital controls, which has made it hard for Chinese companies to obtain loans for overseas M&A, and greater scrutiny of foreign attempts to buy Western companies in sensitive sectors

China tops Thailand’s FDI but Vietnam also receiving a lot of Chinese investment

Some of the major sectors that China invests in Thailand include manufacturing, real estate, energy and transportation. For example, China Railway Construction Corporation (CRCC) is involved in the construction of a high-speed railway linking Bangkok with Nakhon Ratchasima, which is part of a larger project to connect Thailand with Laos and China.