PNoy expands list of investment areas reserved for Filipinos

Posted at 11/02/2012 12:40 PM | Updated as of 11/02/2012 12:40 PM

MANILA, Philippines - President Benigno Aquino has expanded the list of industries and activities limited or prohibited to non-Filipinos.

Executive Order No. 98, signed by Aquino on Oct. 29, details the investment areas and economic activities reserved to Philippine nationals under the 9th Regular Foreign Investment Negative List, Malacanang said in a statement.

The new measure replaces EO No. 858, which has been in effect since February 2010.

"There are investments areas or activities which foreign ownership limitations imposed by law were not included in EO 858. Those changes are now reflected in the ‘List A’ of the new presidential directive," Executive Secretary Paquito N. Ochoa, Jr. said in the statement.

Among the amendments are the foreign ownership and limitations imposed under the Real Estate Service Act of the Philippines (RA 9646), the Philippine Respiratory Act (RA 10024) and the Philippine Psychology Act (RA 10029), all of which were enacted in 2009, and the Lending Company Regulation Act of 2007 (RA 9474).

The Foreign Investment Negative List serves as a guide to non-Filipinos as to what industries they can invest in or what activities they can practice in the country.

EO No. 98 takes effect 15 days after its publication in a newspaper of general circulation.

Deputy Presidential Spokesperson Abigail Valte said the list is not foreseen to discourage any foreign investors.

"All foreign investors are cognizant to our laws. This is just a guide to them," she said in an interview with Radyo ng Bayan on Friday.