Up to 100% foreign ownership to be allowed in PH internet business
The government will allow up to 100% foreign ownership in the internet business in the Philippines once President Rodrigo Duterte signs the proposed 11th Foreign Investment Negative List (FINL).
In a report by Inquirer.net, National Economic and Development Authority (NEDA), and Socioeconomic Planning Secretary Ernesto Pernia said that the proposed 11th FINL will “exclude internet business from mass media.”
Under the FINL, foreign equity is not allowed for mass media. Excluding the internet business from that category will remove restrictions and allow foreign ownership.
The draft is “now up for signature”, according to Pernia.
The FINL outlines investment areas/activities which are open to foreign investors and/or reserved to Filipino nationals. The Republic Act No. 7042, or the Foreign Investments Act of 1991 (FIA), requires the publication of the FINL every two years.
The 10th FINL was issued by Former President Benigno S. Aquino III under Executive Order No. 184 in May 2015.