Philippines to ease restrictions on foreign investment
Philippine President Rodrigo Duterte has ordered the National Economic and Development Authority to ease or lift restrictions on foreign participation in several investment areas and activities.
Philippine President Rodrigo Duterte (Photo: AFP/VNA)
Manila (VNA) – PhilippinePresident Rodrigo Duterte has ordered the National Economic and DevelopmentAuthority (NEDA) to ease or lift restrictions on foreign participation in severalinvestment areas and activities.
The order was delivered as a memorandumcircular, which requires immediate actions to raise the Philippines' level ofcompetitiveness.
Regulations have been eased in privaterecruitment for local and overseas employees, contracts for the constructionand repair of locally-funded public works, teaching at higher education levels,retail enterprises, and domestic enterprises.
The document also mentioned public services,culture, production, and trading.
The move also aims to amend the TenthRegular Foreign Investment Negative List issued in 2015, which shows investmentareas and activities open to foreign investors or reserved only to Philippineinvestors, as well as the extent of foreign equity participation in specificinvestment activities.
Under the Philippine’s 1987 Constitution,foreign ownership in some key businesses is capped at 40 percent.-VNA
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Philippine President Rodrigo Duterte (Photo: AFP/VNA) 
