With the liberalization of the foreign investments law, 100% foreign equity
may be allowed in all areas of investment except financial institutions
and those included in the Ninth Regular Foreign Investment Negative List
which took effect on 29 October 2012. This list includes:List A:

Areas reserved to Filipinos by mandate of the Constitution and special laws
such as but not limited to:
a. Mass media except recording, practice of licensed professions, retail
trade with paid-up capital of less than US$2.5 million, cooperatives,
and small scale mining, etc. where foreign ownership is prohibited; and

b. Private radio communications network, private recruitment,
advertising, ownership of land, operation and management of public
utilities, etc. where only minority foreign ownership is allowed.

List B
Areas that are security and defense related; those with adverse effects on
public health and morals; and for the protection of small-and medium scale enterprises, i.e., domestic market enterprises with paid-in capital of
less than the equivalent of US$200,000 and domestic market enterprises
which involve advanced technology or employ at least 50 Filipino direct
employees, with paid-in capital of less than the equivalent US$100,000.