Pernia wants drastic cuts to negative list


The National Economic and Development Authority (NEDA) wants to “drastically” shorten the Foreign Investors Negative List (FINL) to make the Philippines a more attractive destination for businesses.

“The negative list is still a long list and I want to really shorten it drastically. I want a more aggressive

    and we have to be at par with the other Asean countries,” Socioeconomic Planning Secretary Ernesto Pernia told reporters at the sidelines of The Arangkada Philippines Forum 2017 on Thursday.

    Areas that can be opened up to foreign investments, he said, include foreign retail trade, professions, public utilities, and contractors. The NEDA has also said that foreigners would be allowed full ownership of investment houses.

    The FINL identifies economic activities that are closed to foreign investors or where ownership restrictions have been set by the 1987 Constitution or other laws.

    Provided for under the Foreign Investments Act of 1991, the current FINL was 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.


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