EO 113: The 13th Regular Foreign Investment Negative List
Legal question
What is the Foreign Investment Negative List, and how often can each part of it change?
Applicable laws and rules to discuss
- Executive Order No. 113, the 13th Regular Foreign Investment Negative List
- Republic Act No. 7042, the Foreign Investments Act of 1991, as amended
- Republic Act No. 11647, amending the Foreign Investments Act (2022 liberalization)
Why this matters
The Negative List is the master reference foreign investors and their counsel check before structuring a Philippine business: it lists activities reserved wholly or partly for Filipino citizens or Philippine-owned corporations under the Constitution or special laws, and those requiring specific authorization.
What the Order itself does
The operative text is short: only the investment areas and activities listed in the attached 13th RFINL are reserved to Philippine nationals, subject to the exceptions and conditions stated in the list. The substance therefore lives in the annexed list rather than in the Order's sections, and the Order takes effect fifteen days after publication.
How often each list can change
The two lists move on different clocks. Amendments to Negative List A may be made at any time, to track changes in specific laws. Amendments to Negative List B may not be made more often than once every two years, under Section 8 of RA 7042 and its implementing rules. So a List A entry can shift mid-cycle, while List B is comparatively stable.
Who this affects
Foreign investors and joint-venture partners structuring a Philippine entity, and corporate counsel reviewing equity caps, need the annexed list itself for their specific industry — the Order's text alone will not give a percentage. Check the published annex in the Official Gazette or with the Board of Investments before relying on any figure.
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