Question & AnswerQ&A (EXECUTIVE ORDER NO. 175)
The purpose is to specify investment areas or activities that are reserved for Philippine nationals, reflecting changes pursuant to existing laws to ease restrictions on foreign participation.
Mass media ownership is restricted to no foreign equity as mandated by Section 11, Article XVI of the 1987 Constitution and executive issuances.
Foreigners are generally prohibited from practicing professions such as accountancy, architecture, medicine, nursing, engineering disciplines, dentistry, and several others unless reciprocity is provided by law.
Up to twenty-five percent (25%) foreign equity is allowed in private recruitment agencies.
Foreign nationals generally cannot own private lands. However, natural-born citizens who have lost Philippine citizenship and have legal capacity under Philippine laws may own limited land area.
Foreign equity in public utilities is restricted to proportions consistent with the Constitution, with executive and managing officers required to be Philippine citizens.
Amendments to List B can be made not more than once every two years pursuant to Section 8 of RA No. 7042, as amended.
Examples include manufacture and distribution of firearms, dangerous drugs, sauna and steam bathhouses, and all forms of gambling (except some cases covered by PAGCOR agreements).
The corporation must be registered with the Securities and Exchange Commission and/or the Professional Regulatory Board; a certain percentage of its Board of Directors or stockholders must be licensed professionals; and the practice must be conducted by duly licensed professionals.
Section 2, Article XII of the 1987 Philippine Constitution provides that foreign participation in natural resources is limited, allowing full foreign participation only through Financial or Technical Assistance Agreements with the President.