MANILA - The economic team's recommendation to further ease restrictions on foreign investors has been submitted to President Rodrigo Duterte for approval, Socioeconomic Planning Secretary Ernesto Pernia said Thursday.
Alongside the proposed "negative list," Duterte has also issued a memorandum circular urging Congress to ease restrictions in sectors that will require legislation, Pernia said. All government offices were asked to assist in the effort.
"We have submitted our recommendation on liberalization or easing of the foreign investment negative list. It is now with the President, ready for signing," Pernia said.
The Constitution caps foreign ownership of businesses at 40 percent.
Foreign direct investments were "up quite sharply" in the January to September period, Pernia said.
Pernia said FDIs in the first 9 months of the year were "on the level of $5 billion" and the government expects the full year figure to "at least match" the $7.9 billion total in 2016.