Liberalizes foreign investment restrictions across multiple sectors
13 Apr 2026
On 13 April 2026, the Philippines issued Executive Order No. 113, promulgating the Thirteenth Regular Foreign Investment Negative List (RFINL), which liberalizes foreign investment in several sectors.
The list is issued pursuant to the Foreign Investments Act of 1991, as amended, which identifies sectors reserved for Philippine nationals and those open, subject to specified conditions, to foreign investors. The new list expands foreign participation in renewable energy, telecommunications, public services and retail trade.
- Renewable energy projects are now open to up to 100 per cent foreign ownership.
- Telecommunications services may be wholly foreign-owned where reciprocity exists, or up to 50 per cent foreign-owned where reciprocity is not available.
- Consistent with the amended Public Service Act, airports, railways, expressways and transport services are excluded from the definition of public utilities, allowing up to 100 per cent foreign ownership.
- Retail enterprises with paid-in capital below PHP 25 million (approximately $450,000) may permit foreign equity participation of up to 40 per cent.
The Executive Order entered into force on 2 May 2026.
Nature of measure:
Type:
-
Entry and establishment (Ownership and control)
Industry:
-
Services (Electricity, gas, steam and air conditioning supply, Wholesale and retail trade, Transportation and storage, Telecommunications)
Inward FDI:
Yes
Outward FDI:
No
Sources:
