Philippines bans foreigners from investing in defense-related activity
Foreign nationals are banned from investing in any activity related to the national defense under the 12th Regular Foreign Investment Negative List (RFINL).
On Monday, President Rodrigo Duterte signed Executive Order (EO) No.175 promulgating the updated list containing the activities reserved for Filipinos subject to some exceptions and conditions.
Duterte noted EO 175 aims to make the list consistent with existing laws and new policies "to ease restrictions on foreign participation in certain investment activities.''
Among the major changes in the new list was removal of the manufacture, repair, storage and/or distribution of products requiring Department of National Defense clearance such as guns and ammunition for warfare among others. DMS
