100% foreign ownership in certain businesses is now allowed in the new EO No. 65

President Rodrigo R. Duterte recently signed Executive Order No. 65 promulgating the 11th Regular Foreign Investment Negative List (RFINL). Under EO No. 65, certain businesses where foreign investors are used to be forbidden to own completely are now allowed 100% foreign ownership in such businesses.

The list of businesses are as follows:

(1) Internet businesses;

(2) Teaching at higher education levels provided the subject being taught is not a professional subject (i.e., included in a government board or bar examination);

(3) Training centers that are engaged in short-term high-level skills development that do not form part of the formal education system;

(4) Adjustment companies, lending companies, financing companies, and investment houses; and

(5) Wellness centers.