OFFICE OF THE PRESIDENT
 

The Office of the President issued Executive Order (EO) No. 65 or “The 11th Regular Foreign Investment Negative List”, dated 29 October 2018. The said list contains investment areas or activities wherein foreign ownership is limited or restricted and/or reserved only to Filipino nationals.

The abovementioned list effectively replaces the 10th Regular Foreign Investment Negative List which was previously issued by the past administration almost three years ago.

List A of EO No. 65 provides for the investment areas where foreign ownership is limited as mandated by the Constitution and specific laws.

List B of EO No. 65 provides for the investment areas where foreign ownership is limited for up to 40% by reasons of security, risk to health and morals and protection of small and medium scale enterprises.

With regard to the practice of professions, EO No. 65 also provides an Annex which enumerates professions which foreigners are allowed to practice in the Philippines provided that their home country also allows Filipinos to be admitted to the practice of the same profession. The EO also provides an Annex containing a list of corporate practices which are subject to requirements and conditions under pertinent professional regulatory law.

Finally, as mandated by Section 8 of Republic Act (RA) No. 7042, as amended, List A above may be revised any time to properly reflect changes instituted in specific laws. On the other hand, List B shall only be revised not often than once every two years also pursuant to the said RA.

 

 

Full text of the issuance is attached for your reference.

Executive Order No. 65

 

_{DISCLAIMER: The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although R.G. Manabat & Co. endeavors to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.}

_{For any queries, you may contact any member of the InTAX Editorial Board or send your questions to ph-inquiry@kpmg.com.}