MALACAÃANG
Manila
EXECUTIVE ORDER NO. 286
PROMULGATING THE FOURTH REGULAR FOREIGN INVESTMENT NEGATIVE LIST
WHEREAS, Republic Act (RA) No. 7042 also known as the Foreign Investments Act of 1991, as amended by RA 8179, provides for the formulation of a Regular Foreign Investment Negative List covering investment areas/activities which may be opened to foreign investors and/or reserved to Filipino nationals;
WHEREAS, the Regular Foreign Investment Negative List, consisting of Lists A and B, is effective for two years pursuant to Section 8 of RA 7042 as amended and its Implementing Rules and Regulations;
WHEREAS, there is a need to formulate a Fourth Regular Foreign Investment Negative List in view of the expiration of the existing list on 23 October 2000 and to reflect changes to List A and B provided in new laws and recommended by concerned government agencies;
NOW, THEREFORE, I, JOSEPH EJERCITO ESTRADA, President of the Republic of the Philippines, by virtue of the powers vested in me by law, do hereby order:
SECTION 1. Only the investment areas and/or activities listed in Annex A herewith shall be reserved to Philippine nationals, and hereafter shall be referred to as the Fourth Regular Foreign Investment Negative List. The extent of foreign equity participation in these areas shall be limited to the percentages indicated in the List.
SEC. 2. Any amendment to List A may be made at any time to reflect changes instituted in specific laws while amendments to List B shall not be made more often than once every two years, pursuant to Section 8 of RA 7042 as amended, and of its Implementing Rules and Regulations.
SEC. 3. All orders, issuances, rules and regulations or parts thereof, which are inconsistent with this Order are hereby revoked or modified accordingly.
SEC. 4. This Order shall take effect on 24 October 2000.
Done in the City of Manila, this 24th day of August, in the year of our Lord, two thousand.
(Sgd.) JOSEPH EJERCITO ESTRADA
By the President:
(Sgd.) RONALDO B. ZAMORA
Executive Secretary
Source: CDAsia
