Philippines Revises Foreign Ownership Rules: Implications for Investors

Apr 17, 2026

62 min

Apr 17, 2026 09:31

Philippine foreign ownership rules updated: What it means for global investors

## Key Changes in Investment Rules

The Philippines has revised its foreign investment regulations, introducing Executive Order 113, which outlines the 13th regular foreign investment negative list. This update aims to balance attracting foreign capital with protecting key national industries.

## Restricted and Open Sectors

The new framework divides restrictions into two categories. List A includes sectors with constitutional or legal ownership limits, while List B covers industries restricted for national security and public health reasons. Sectors like mass media, small-scale mining, and private security remain closed to foreign investors.

## Partial and Full Foreign Ownership

Foreign investors can now fully own telecommunications companies if reciprocal conditions are met. Partial ownership is allowed in other sectors, with limits ranging from 25% to 40%. These include recruitment firms, advertising, and certain infrastructure projects.

## Sensitive Industries

List B maintains restrictions on sensitive industries, allowing up to 40% foreign ownership in areas like firearms manufacturing and gambling. These measures ensure protection of critical sectors while opening others to foreign participation.

## Implications for Global Investors

The changes signal increased openness in telecommunications and renewable energy, but longstanding restrictions in land ownership and public utilities persist. Investors must navigate these limits, often requiring local partnerships or joint ventures.

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