The Sixth Regular Foreign Investment Negative List took effect on 8 January 2005. This list does not include banking and other financial institutions, which are governed and regulated by the General Banking Law of 2000 and other laws administered by the BSP, or insurers abbreviations used

CA   -  Commonwealth Act
LOI  -  Letter of instruction
PD   -  Presidential decree
RA   -  Republic Act
SEC  -  Securities and Exchange Commission
BOT -  Build-Operate-Transfer

List A: Foreign ownership is limited by mandate of the Constitution and specific laws

No foreign equity
1. Mass media except recording (Art. XVI, Sec. 11 of the Constitution; Presidential Memorandum dated 04 May 1994)

2. Practice of all professions1
a. Engineering

Aeronautical engineering

Agricultural engineering

Chemical engineering

Civil engineering

Electrical engineering

Electronics and communication engineering

Geodetic engineering

Mechanical engineering

Metallurgical engineering

Mining engineering

Naval architecture and marine engineering

Sanitary engineering

b. Medicine and allied professions

Medicine

Medical technology

Dentistry

Midwifery

Nursing

Nutrition and dietetics

Optometry

Pharmacy

Physical and occupational therapy

Radiological and x-ray technology

Veterinary medicine

c.  Accountancy

d.  Architecture

e.  Criminology

f.   Chemistry

g.  Customs brokerage

h   Environmental planning

i.   Forestry

j.  Geology

k. Interior design

l.  Landscape architecture

m. Law

n.  Librarianship

o.  Marine deck officers

p.  Marine engine officers

q.  Master plumbing

r.  Sugar technology

s.  Social work

t.  Teaching

u.  Agriculture

v.  Fisheries

(Art. XII, Sec. 14 of the Constitution; Sec. 1 of RA 5181)
3. Retail trade enterprises with paid-up capital of less than US$2,500,000 (Sec. 5 of RA 8762)

4. Cooperatives (Ch. III, Art. 26 of RA 6938)

5. Private security agencies (Sec. 4 of RA 5487)

6. Small-scale mining (Sec. 3 of RA 7076)

7. Utilization of marine resources in archipelagic waters, territorial sea, and exclusive economic zone as well as small-scale utilization of natural resources in rivers, lakes, bays, and lagoons (Art. XII, Sec. 2 of the Constitution)

8. Ownership, operation and management of cockpits (Sec. 5 of PD 449)

9. Manufacture, repair, stockpiling and/or distribution of nuclear weapons
(Art. II, Sec. 8 of the Constitution)

10. Manufacture, repair, stockpiling and/or distribution of biological, chemical and radiological weapons and anti-personnel mines (various treaties to which the Philippines is a signatory and conventions supported by the Philippines)

11. Manufacture of firecrackers and other pyrotechnic devices (Sec. 5 of RA 7183)

Up to 20% foreign equity
12. Private radio communications network (RA 3846)

Up to 25% foreign equity
13. Private recruitment, whether for local or overseas employment (Art. 27 of PD 442)

14. Contracts for the construction and repair of locally funded public works (Sec. 1 of Commonwealth Act No. 541, Letter of Instruction No. 630) except:

a. Infrastructure/development projects covered in RA 7718; and

b. Projects which are foreign funded or assisted and required to undergo international competitive bidding (Sec. 2(a) of RA 7718)

15. Contracts for the construction of defense-related structures (Sec. 1 of CA 541)

Up to 30% foreign equity
16. Advertising (Art. XVI, Sec. 11 of the Constitution)

Up to 40% foreign equity
17. Exploration, development and utilization of natural resources (Art. XII, Sec. 2 of the Constitution)

18. Ownership of private lands (Art. XII, Sec. 7 of the Constitution; Ch. 5, Sec. 22 of CA 141; Sec. 4 of RA 9182)

19. Operation and management of public utilities (Art. XII, Sec. 11 of the Constitution;
Sec. 16 of CA 146)

20. Ownership/establishment and administration of educational institutions (Art. XIV,
Sec. 4 of the Constitution)

21. Culture, production, milling, processing, trading except retailing, of rice and corn and
acquiring, by barter, purchase or otherwise, rice and corn and the by-products thereof (Sec. 5 of PD 194; Sec. 15 of RA 8762)

22. Contracts for the supply of materials, goods and commodities to government-owned
or controlled corporation, company, agency or municipal corporation (Sec. 1 of RA
5183)

23. Project proponent and facility operator of a BOT Project requiring a public utilities franchise (Art. XII, Sec. 11 of the Constitution; Sec. 2(a) of RA 7718)

24. Operation of deep sea commercial fishing vessels (Sec. 27 of RA 8550)

25. Adjustment companies (Sec. 323 of PD 612 as amended by PD 1814)

26. Ownership of condominium units where the common areas in the condominium
project are co-owned by the owners of the separate units or owned by a corporation (Sec. 5 of RA 4726)

Up to 60% foreign equity
27. Financing companies regulated by the Securities and Exchange Commission (SEC) (Sec. 6 of RA 5980 as amended by RA 8556)

28. Investment houses regulated by the SEC (Sec. 5 of PD 129 as amended by RA 8366)

List B: Foreign ownership is limited for reasons of security, defense, risk to health and morals and protection of small- and medium-scale enterprises

Up to 40% foreign equity
1. Manufacture, repair, storage, and/or distribution of products and/or ingredients requiring Philippine National Police (PNP) clearance:

a. Firearms (handguns to shotguns), parts of firearms and ammunition, I instruments or implements used or intended to be used in the manufacture of firearms

b. Gunpowder

c. Dynamite

d. Blasting supplies

e. Ingredients used in making explosives:

Chlorates of potassium and sodium

Nitrates of ammonium, potassium, sodium barium, copper (11), lead (11), calcium and cuprite

Nitric acid

Nitrocellulose

Perchlorates of ammonium, potassium and sodium

Dinitrocellulose

Glycerol

Amorphous phosphorus

Hydrogen peroxide

Strontium nitrate powder

Toluene

f. Telescopic sights, sniper scope and other similar devices.
However, the manufacture or repair of these items may be authorized by the Chief of the PNP to non-Philippine nationals; Provided that a substantial percentage of output, as determined by the said agency, is exported. Provided further that the extent of foreign equity ownership allowed shall be specified in the said authority/clearance (RA 7042 as amended by RA 8179)

2. Manufacture, repair, storage and/or distribution of products requiring Department of National Defense (DND) clearance:

a. Guns and ammunition for warfare

b. Military ordnance and parts thereof (e.g.,torpedoes, depth charges, bombs, grenades, missiles)

c. Gunnery, bombing and fire control systems and components

d. Guided missiles/missile systems and components

e. Tactical aircraft (fixed and rotary-winged), parts and components thereof

f. Space vehicles and component systems

g. Combat vessels (air, land and naval) and auxiliaries

h. Weapons repair and maintenance equipment

i. Military communications equipment

j. Night vision equipment

k. Stimulated coherent radiation devices, components and accessories

l. Armament training devices

m. Other as may be determined by the Secretary of the DND

However, the manufacture or repair of these items may be authorized by the Secretary of National Defense to non-Philippine nationals; Provided that a substantial percentage of output, as determined by the said agency, is exported. Provided further that the extent of foreign equity ownership allowed shall be specified in the said authority/clearance (RA 7042 as amended by RA 8179).

3. Manufacture and distribution of dangerous drugs (RA 7042 as amended by RA 8179)

4. Sauna and steam bathhouses, massage clinics and other like activities regulated by law because of risks posed to public health and morals (RA 7042 as amended by RA 8179)

5. All forms of gambling, e.g. race track operation (RA 7042 as amended by RA. 8179)

6. Domestic market enterprises with paid-in equity capital of less than the equivalent of US$200,000 (RA 7042 as amended by RA 8179)

7. Domestic market enterprises which involve advanced technology or employ at least fifty (50) direct employees with paid-in-equity capital of less than the equivalent of US$100,000 (RA 7042 as amended by RA 8179)

Notes:
1. This is limited to Filipino citizens save in cases prescribed by law.

2. Full foreign participation is allowed for retail trade enterprises: (a) with paid-up capital of US$2,500,000 or more provided that investments for establishing a store is not less than US$830,000; or (b) specializing in high end or luxury products, provided that the paid-up capital per store is not less than US$250,000 (Sec. 5 of RA 8762)

3. Domestic investments are also prohibited (Art. II, Sec. 8 of the Constitution; Conventions/Treaties to which the Philippines is a signatory

4. Full foreign participation is allowed through financial or technical assistance agreement with the President (Art. XII, Sec. 2 of the Constitution)

5. Full foreign participation is allowed provided that within the 30-year period from start of operation, the foreign investor shall divest a minimum of 60% of their equity to Filipino citizens (Sec. 5 of PD 194; NFA Council Resolution No. 193 s. 1998)

6. No foreign national may be allowed to own stock in financing companies or investment houses unless the country of which he is a national accords the same reciprocal rights to Filipinos (Sec. 6 of RA 5980 as amended by RA 8556; PD 129 as amended by RA 8366)