MANILA — Malacañang has issued an updated list of investment areas and activities where foreign participation is either restricted or prohibited, marking the first revision under the Marcos administration.

Executive Secretary Ralph Recto, by authority of President Ferdinand Marcos Jr., signed Executive Order No. 113, which promulgates the 13th Regular Foreign Investment Negative List (RFINL).

The order will take effect 15 days after its publication in the Official Gazette or in a newspaper of general circulation.

The 13th RFINL is divided into two categories: activities where foreign ownership is limited by the Constitution and specific laws, and those regulated for reasons of national security, defense, public health and morals, and protection of micro, small, and medium enterprises.

Under the Constitution, foreign ownership is absolutely prohibited in several sectors, including mass media (except recording and internet businesses), the corporate practice of architecture, cooperatives (with limited exceptions), private security agencies, and small-scale mining.

Also included in the prohibited list are the utilization of marine resources in archipelagic waters and territorial seas, cockpit ownership and operations, and the manufacture, repair, stockpiling, or distribution of nuclear, biological, and chemical weapons, as well as anti-personnel mines.

The list also bans foreign participation in the manufacture and retail of firecrackers and pyrotechnic devices.

Other sectors with restricted foreign equity include private recruitment for local or overseas employment (up to 25 percent foreign equity) and contracts for defense-related construction projects.

Advertising is limited to 30 percent foreign equity, while retail trade enterprises with paid-up capital below PHP25 million are capped at 40 percent foreign ownership.

The exploration, development, and utilization of natural resources is also restricted, except for certain large-scale or renewable energy projects that allow full foreign participation under specific agreements.

Ownership of public utilities remains restricted, while educational institutions are generally limited, except for certain specialized or foreign-oriented programs.

The order also regulates foreign participation in agriculture-related trade, government procurement, commercial fishing operations, and condominium ownership.

Telecommunications operations may allow up to 100 percent foreign equity in cases of reciprocity, or up to 50 percent in the absence of such conditions.

The RFINL also lists activities limited to 40 percent foreign equity due to security, defense, health, and public welfare concerns, including the manufacture of regulated products requiring Philippine National Police clearance, military-related production, and businesses such as sauna and massage establishments.

Gambling-related activities remain restricted, except those covered by agreements with the Philippine Amusement and Gaming Corporation.

Micro and small enterprises are also protected, with foreign equity limitations depending on capitalization thresholds and technology or employment conditions.

The President is authorized to amend the list upon recommendation of the Department of Economy, Planning and Development.

Executive Order No. 113 was issued on April 13, 2026.