Executive Order No. 113: 13th Regular Foreign Investment Negative List

The President issued Executive Order No. 113, s. 2026, introducing the Thirteenth (13th) Regular Foreign Investment Negative List. this critical policy document outlines the sectors and industries in the Philippines where foreign investments are either restricted or prohibited.

Key Highlights of Executive Order (EO) No. 113

This Executive Order introduces several important updates and provisions that are essential for understanding the current investment landscape in the Philippines. Below are the key highlights:

• The Thirteenth Regular Foreign Investment Negative List reflects the government’s updated priorities and regulatory framework.
• It specifies industries and sectors where foreign equity participation is restricted or prohibited.
• The list is divided into two categories:
  • List A (constitutional/legal restrictions)
  • List B (restrictions for national security, defense, public health, and morals).
• It aims to balance economic openness with the protection of national interests.
• The document may include revisions to existing restrictions or introduce new limitations based on the current economic and social landscape.

Full Lists of Restricted Activities with Foreign Ownership Limits

The Thirteenth Regular Foreign Investment Negative List is divided into two categories: List A, for activities reserved for Filipino nationals due to legal restrictions, and List B, for activities with foreign ownership limits based on national interests. Below is the breakdown:

List A: Activities Reserved for Filipino Nationals

• Mass media: 100% Filipino ownership required (except recording).
• Practice of professions: 100% Filipino ownership required (e.g., law, medicine, engineering).
• Retail trade enterprises: Foreign ownership limited to 40% for enterprises with paid-up capital of less than PHP 25 million.
  • Update: Retail trade now allows paid-up capital below PHP 25 million if at least 60% is Filipino-owned, clarifying the previous requirement for retail businesses with foreign ownership.
• Cooperatives: 100% Filipino ownership required.
• Small-scale mining: 100% Filipino ownership required.
• Utilization of marine resources: 100% Filipino ownership required in archipelagic waters, territorial sea, and exclusive economic zones.
• Ownership of private lands: Foreign ownership limited to 40%.

List B: Activities with Foreign Ownership Restrictions

• Manufacture, repair, storage, and distribution of firearms, ammunition, and explosives: Foreign ownership limited to 40%.
• Security services: Foreign ownership limited to 49%.
• Small-scale utilization of natural resources: Foreign ownership limited to 40%.
• Businesses that pose risks to public health and safety: Foreign ownership limited to 40%.

This Executive Order underscores the Philippine government’s commitment to fostering a regulated yet competitive investment environment, balancing the need for foreign capital with the protection of national interests.