{"id":11882,"date":"2017-01-09T14:11:37","date_gmt":"2017-01-09T06:11:37","guid":{"rendered":"http:\/\/primer.com.ph\/blog\/?p=11882"},"modified":"2017-02-28T16:08:51","modified_gmt":"2017-02-28T08:08:51","slug":"new-year-new-policies-businesses-look-forward-to-kinder-foreign-ownership-rules","status":"publish","type":"post","link":"https:\/\/primer.com.ph\/blog\/2017\/01\/09\/new-year-new-policies-businesses-look-forward-to-kinder-foreign-ownership-rules\/","title":{"rendered":"New year, new policies? Businesses look forward to \u2018kinder\u2019 foreign ownership rules"},"content":{"rendered":"<p>The start of a new year will always be welcomed by businessmen as it affords them a fresh start. One of the key deciders, though, has yet to be settled: when will the Philippines be kind towards foreign ownership?<\/p>\n<p style=\"text-align: center\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-11883\" src=\"https:\/\/primer.com.ph\/blog\/wp-content\/uploads\/sites\/14\/2017\/01\/PSE.jpg\" alt=\"pse\" width=\"850\" height=\"638\" \/><\/p>\n<p style=\"text-align: center\"><em>Photo by Patrick Roque, grabbed from <a href=\"https:\/\/en.wikipedia.org\/wiki\/File:Ph-mm-makati-makati_cbd-ayala_ave.-philippine_stock_exchange_(2015)_01.JPG\">Wikipedia<\/a><\/em><\/p>\n<p>One of the promises of President Rodrigo Duterte during his <a href=\"http:\/\/www.rappler.com\/nation\/politics\/elections\/2016\/132477-duterte-foreign-ownership-limit\">campaign<\/a> was lifting the restriction on foreign ownership. With the signing of <a href=\"http:\/\/www.gov.ph\/downloads\/2016\/12dec\/20161207-EO-10-RRD.pdf\">Executive Order (E.O.) No. 10<\/a> last December 7, 2016, lifting (or at the very least amending) the rules on foreign ownership might be in sight.<\/p>\n<p>To date, foreign ownership dictates a 60-40 split between a Filipino\/Filipinos and foreign nationals, with foreigners being allowed 40% maximum stake in one of the following:<\/p>\n<ul>\n<li>Real estate (land and condominium) ownership<\/li>\n<li>Operating and managing public utilities and infrastructures<\/li>\n<li>Exploration, development, and utilization of natural resources<\/li>\n<li>Production of rice and corn<\/li>\n<\/ul>\n<p>Duterte has gone as far as saying he is open to <a href=\"http:\/\/news.abs-cbn.com\/business\/12\/12\/16\/duterte-ready-to-reverse-6040-foreign-capital-limit\">reversing the equity<\/a> to 60% for foreigners and 40% for Filipinos, or even pushing it as far as 70-30, though he remained firm on land ownership.<\/p>\n<p>In a report from <a href=\"http:\/\/news.abs-cbn.com\/business\/12\/12\/16\/duterte-ready-to-reverse-6040-foreign-capital-limit\">ABS-CBN News<\/a>, Duterte said \u201cMost of the Filipinos are poor. With the growing economy of the super-giant China and the rest, they can come always come here and buy [land], they can buy the whole of Tondo and relocate. We will be left with nothing and everything is sold.\u201d<\/p>\n<p>An E.O. may have been signed creating a committee to amend the 1987 Constitution, but the committee in question has yet to convene. 2017 might be the year when they finally do; and when they do, the business sector will surely be watching closely.<\/p>\n<p><em>Source: <a href=\"http:\/\/cnnphilippines.com\/business\/2017\/01\/07\/Businesses-look-forward-to-govt-relaxing-foreign-ownership-rules.html1\">CNN Philippines<\/a>, <a href=\"http:\/\/news.abs-cbn.com\/news\/12\/08\/16\/duterte-signs-eo-to-study-charter-change\">ABS-CBN News<\/a>, <a href=\"http:\/\/news.mb.com.ph\/2016\/10\/26\/govt-vows-to-ease-constitutional-foreign-limits-on-business-ownership\/\">Manila Bulletin<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The start of a new year will always be welcomed by businessmen as it affords them a fresh start. One of the key deciders, though, has yet to be settled: when will the Philippines be kind towards foreign ownership?<\/p>\n","protected":false},"author":3,"featured_media":11883,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-11882","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-current-events"],"acf":[],"jetpack_featured_media_url":"https:\/\/primer.com.ph\/blog\/wp-content\/uploads\/sites\/14\/2017\/01\/PSE-e1483942188105.jpg","_links":{"self":[{"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/posts\/11882","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/comments?post=11882"}],"version-history":[{"count":1,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/posts\/11882\/revisions"}],"predecessor-version":[{"id":11885,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/posts\/11882\/revisions\/11885"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/media\/11883"}],"wp:attachment":[{"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/media?parent=11882"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/categories?post=11882"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/tags?post=11882"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}