By Luisa Cabato, April 16, 2026; Philippine Daily Inquirer

https://globalnation.inquirer.net/318452/executive-order-no-113

Manila, Philippines — President Ferdinand Marcos Jr. has issued Executive Order No. 113, which introduces the updated list of industries where foreign entities are limited or not allowed to invest.

The order, which promulgates the 13th Regular Foreign Investment Negative List, identifies the industries where foreign participation is restricted while keeping other sectors open to investment and protecting key areas for Filipinos.

Based on the list, industries such as mass media (including internet-based media), the practice of professions like architecture through corporations, and cooperatives, except for investments by former natural-born Filipino citizens, are reserved for Filipino ownership.

Meanwhile, the private recruitment sector and contracts for the construction of defense-related structures can have up to 25 percent foreign equity.

Advertising sector, meanwhile, is allowed to have up to 30 percent foreign ownership.

Up to 40 percent foreign equity is allowed in the exploration, development, and utilization of natural resources, including the use of water from natural sources, subject to existing laws and regulations.

The EO also states that 100 percent foreign equity is allowed in the operation and management of telecommunications in case the country of the foreign national accords reciprocity to Philippine nationals and up to 50 percent foreign equity in the absence of such reciprocity.

Moreover, EO 113 lists industries that can only have up to 40 percent ownership for reasons of national security, defense, public health and morals, and the protection of small and medium enterprises. These include:

• Manufacture, repair, storage, and/or distribution of products and/or ingredients requiring Philippine National Police clearance, such as firearms, gunpowder, and others.
• Development, production, manufacturing, assembly, servicing or operation of materiel by an in-country enterprise
• Distribution and manufacture of dangerous drugs as authorized by law
• Sauna and steam bathhouses, massage clinics, and other similar activities regulated by law because of risks posed to public health and morals
• All forms of gambling
• Micro and small domestic market enterprises with paid-in equity capital of less than the equivalent of USD 200,000