August 24, 2017

Fully foreign-owned investment houses to be allowed in PH soon

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  • There may soon be 100% foreign-owned investment houses in the Philippines if the National Economic and Development Authority (NEDA) board approves the final version of the 2017 Foreign Investment Negative List (FINL).

    NEDA Undersecretary for Policy and Planning Rosemarie Edillon said the board was expected to approve the 2017 FINL after it is finalized and approved this September.

    Edillon said investment houses would be excluded from the FINL as it does not require any form of legislation to do so. “There is no constitutional restriction… Except if it involves, let’s say, damages or collateral, which is subject to constitutional restriction,” she said in a recent interview.

    EXPECT MORE OF THIS IN THE FUTURE. Foreign investment houses have been held back by the FINL for the last time./IMAGE Pexels

    To date, the law allows foreign ownership in investment houses up to 60 percent under Republic Act No. 10881.

    The Philippine Stock Exchange defines an investment house as “a duly licensed enterprise authorized to underwrite securities of another person or enterprise, including securities of the government and its instrumentalities.” The FINL, on the other hand, is a list of industries

    Apart from investment houses, the government also wants to lift foreign equity restrictions on internet marketing, advertising, and education. They are already seeking a legal opinion about internet marketing and advertising, but restrictions on highly-skilled academic workers can be eased without the need for legislation.

    A 40-percent ownership of schools and universities, however, needs to be opened up through legislation.

    Written by Andronico Del Rosario
    Sources: The Philippine StarThe Manila TimesPhilippine Daily InquirerThe Manila BulletinPSE Academy

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