Duterte allows up to 40% foreign equity for firms bagging public infra contracts
The long wait is over.
President Rodrigo Duterte has finally issued the 11th Foreign Investment Negative List on Monday, Oct. 29 after more than a year of delays.
The National Economic and Development Authority (NEDA) revealed the crucial changes in the list, which include allowing up to 40 percent foreign participation for contractors looking to bag the building and repair of locally-funded public works.
Prior to the rule, the limit is set at 25 percent.
What’s more, the executive order allowed full foreign entry for five sectors:
– Internet businesses, which has been excluded from mass media;
– Teaching at higher education levels provided the subject being taught is not a professional subject (i.e., included in a government board or bar examination);
– Training centers that are engaged in short-term high level skills development that do not form part of the formal education system;
– Adjustment companies, lending companies, financing companies and investment houses; and,
– Wellness centers, which has been excluded in item 4 of List B.
NEDA said this will attract even more investments into the Philippines.