Pernia sees 'some impact' with easing of foreign ownership limits

ABS-CBN News

Posted at Nov 07 2018 12:13 PM

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MANILA -- The easing of foreign ownership restrictions under a recent executive order will have "some impact" on investments, Socioeconomic Planning Secretary Ernesto Pernia said Wednesday.

Under the new foreign investment negative list or FINL, 100 percent foreign ownership is allowed in internet businesses, training centers, adjustment and lending companies, and wellness centers, among others. Foreigners will also be allowed to teach non-professional subjects in universities.

Further easing is needed in education, power and retail trade, Pernia told ANC's Headstart.

"In the previous administrations, there was hardly any change in the FINL. From President Arroyo to President Aquino. This time, we have some substantive changes, not enough, but at least, this will have some impact," he said.