The Philippines will allow up to 100 percent foreign ownership in internet businesses as soon as President Rodrigo Duterte signs the proposed 11th Foreign Investment Negative List, the country’s chief economist said Tuesday. During the Senate finance committee’s hearing on the proposed 2019 budget of the state planning agency National Economic and Development Authority (Neda), Socioeconomic Planning Secretary Ernesto Pernia said that based on feedback from the Palace Tuesday morning, the draft 11th FINL is “now up for signature” as it was already “under full review Read more: https://business.inquirer.net/25827...ign-ownership-internet-business#ixzz5SpMnsuGZ
And what happens when the government decides they no longer want to allow full ownership? Do businesses that have invested have to sell their majority share? I wouldn't trust their government to keep their word. Make a constitutional amendment declaring 100% foreign ownership legal for all sectors and I'll invest. Anything short of that will make it too easy to revert back to the old ways.
Duterte is expected to sign the upcoming 11th Foreign Negative Investment List (FINL) “soon.” That article was from July. Good thing I did not hold my breath. He is already a year late with it. The FINL is supposed to be revised every 2 years so by the time he signs it, well it will just about be time for FINL 12
Previously you were already able to 100% own an internet business if a certain percentage of your income came from outside the country. So, the headline is misleading. They must be loosening restrictions (I didn't read the article.)
