MANILA - President Rodrigo Duterte is moving to ease foreign ownership limits in Philippine businesses, the head of his economic team told an investment forum in Japan, according to the Department of Finance.
Finance Secretary Carlos Dominguez said the "first step" was a review of the so-called foreign investment negative list that began last May. The study aims to relax restrictions on construction, among other sectors, his office said in a statement.
The "second step," which will require amendments to the Constitution, "will start probably next year or in about 12 months," Dominguez was quoted as saying in the statement.
"President Duterte has committed to open up our economy. There are two ways we open up our economy to more foreign investments," Dominguez said, referring to the investment list review and charter change.
"We are moving towards opening up the economy to more foreign investments," he said.
The Constitution caps foreign ownership of business at 40 percent.