Foreign Investment Negative List (FINL).

Can be found on BOI webpage under the 6th Regular Foreign Investment Negative List.

List A: Foreign Ownership is limited by the constitution and specific laws

No Foreign Equity

1. Mass Media except recording
2. Practice of all professions
3. Retail trade enterprises with paid up capital of less than US$2,500
4. Cooperatives
5. Private security agencies
6. Small-scale mining Utilization of marine resources in archipelagic waters, territorial sea and exclusive economic zone
7. Ownership, operation and management of cockpits
8. Manufacture, stockpiling and/or distribution of nuclear weapons
9. Manufacture, repair, stockpiling and/or distribution of biological, chemical and radiological weapons
10. Manufacture of firecrackers and other pyrotechnic devices

Up to 25% Foreign Equity

1. Private recruitment, whether for local or overseas employment
2. Contracts for the construction and repair of locally-funded public works

Up to 30% Foreign Equity

1. Advertising

Up to 40% Foreign Equity

1. Exploration, development and utilization of natural resources
2. Ownership of Private lands
3. Operation and management of public utilities
4. Ownership/establishment and administration of educational institutions
5. 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
6. Contracts for the supply of materials, goods and commodities to government-owned or controlled corporation, company, agency or municipal corporation
7. Project proponent and facility operator of a BOT project requiring a public utilities franchise
8. Contracts for the construction of defense-related structures
9. Operation of deep sea commercial fishing vessel
10. Adjustment companies
11. 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

Up to 60% Foreign Equity

12. Financing companies regulated by SEC
13. Investment houses regulated by SEC
14. Retail trade enterprises with a minimum paid-up capital of US$2,500,000 but less than US$7,500,000

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

1. Manufacture, repair, storage, and/or distribution of products and/or ingredients requiring Philippine National Police (PNP) clearance
2. Manufacture, repair, storage, and/or distribution of products requiring clearance from the Department of National Defense (DND)
3. Manufacture and distribution of dangerous drugs
4. Sauna and steam bathhouses, massage clinics and other like activities regulated by law because of risks they impose to public health and morals
5. All forms of gambling e.g. race track operation
6. Domestic market enterprises with paid-in equity capital of less than the equivalent of US$200,000
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