July 23, 2018

11th Foreign Investment Negative List Awaits Duterte’s Approval

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  • The 11th Regular Foreign Investments Negative List (FINL) has already been submitted to the Malacañang Palace for President Rodrigo Duterte’s signature, Thursday last week.

    According to the National Economic and Development Authority (NEDA) Director-General Ernesto Pernia, the recently passed list will be able to lift or ease the existing business limitations in the Philippines.

    IMAGE Philippine News Agency

    In a report, contracts about the supply of materials, goods and different types of commodities along with non-government corporations, companies, agencies, or municipal corporations are being assessed for future removal from the list.

    About the FINL

    The FINL is a legal document released by the government to manage foreign business ownership in different entrepreneurial fields. This follows Republic Act No. 10881, which amends various investment subsidies in laws that focus on controlling adjustment companies (insurance companies), lending, financing, and investment companies.

    In the 1991 Foreign Investments Act (FIA) foreign investors, stocks, and shareholders are allowed to participate in any type of business in the country, but only if their businesses do not fall under the FINL.

    The FINL is made up of Lists A and B. These are separate investment lines that are either open to foreign investment or businesses that can only be allotted to Filipino entrepreneurs.

    List A of the 10th Foreign Investment Negative List manages foreign entrepreneurs’ business ownership as per the mandate of the constitution. List B, on the other hand, limits foreign business ownership because of the threats it may bring to security, defense, health, and morals that protect various businesses whether they may be big or small.

    Source: Manila Bulletin

    Image source: Philippine News Agency

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