Foreigners will be allowed full ownership of investment houses under planned changes to the Philippines’ Foreign Investment Negative List (FINL), a socio-economic planning official said.
Rosemarie Edillon, undersecretary for policy and planning at the National Economic and Development Authority (NEDA), said the 11th FINL was being finalized for approval by the NEDA board next month.
“What is certain to be excluded in the list are investment houses… 100 percent foreign ownership on the sector will be allowed,” she told reporters, referring to corporations or trust engaged in the business of investing the pooled capital of investors in financial securities.
Edillon explained that foreign ownership of investment houses is currently limited to 40 percent.
The FINL identifies economic activities that are closed to foreign investors or where restrictions have been set on foreign ownership by the 1987 Constitution or other laws.
Provided for under the Foreign Investments Act of 1991, the latest FINL issued on May 29, 2015 by then-President Benigno Aquino 3rd via Executive Order 184.
A review was initiated by the Duterte administration in May this year.