With the liberalization of the foreign investments law, 100% foreign equity may be allowed in all areas of investment except financial institutions and those included in the Ninth Regular Foreign Investment Negative List which took effect on October 29, 2012, which includes:
List A
Areas reserved to Filipinos by mandate of the Constitution and special laws such as but not limited to:
- a. Mass media except recording, practice of licensed professions, retail trade with paid up capital of less than U.S. $ 2.5Million, cooperative and small scale mining, etc. where foreign ownership is prohibited; and
- Private radio communications network, private recruitment, advertising, ownership of land, operation and management of public utilities, etc. where only minority foreign ownership is allowed.
List B
Areas that are security and defense related; those with adverse effects on public health and morals; and for the protection of small and medium scale enterprises, i.e., domestic market enterprises with paid-in capital of less than the equivalent of U.S. $200,000 and domestic market enterprises which involve advanced technology or employ at least 50 Filipino direct employees, with paid-in capital of less than the equivalent of U.S. $100,000.
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