By: Business World
The National Economic and Development Authority (NEDA) hopes to complete the draft list of industries restricted to foreign investment by the second half, after its regular release date was pushed back by the pandemic.
The proposed 12th Regular Foreign Investment Negative List (FINL) will be presented to President Rodrigo R. Duterte later in the year, Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua told BusinessWorld last week.
Asked if the upcoming list will offer a less restrictive environment for foreign investors, Mr. Chua said via Viber: “That is in the process of review.”
“There are limits to the FINL since some require legislation, so we need to also pass the PSA (Public Service Act), RTL (Retail Trade Liberalization Act), and FIA (Foreign Investment Act) amendments,” he added, noting that the treatment of these industries will be a priority in the new list.[READ: Retailers group pleads for delay in retail liberalization]
The three bills have been approved on third and final reading at the House of Representatives.
Their counterpart measures in the Senate, however, are still at various levels of approval, with the bills amending the PSA and FIA still in committee. The retail bill amendments are awaiting approval on second reading.
The government is required to publish a negative list every two years to guide foreign investors on which industries have been opened up to them.
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