Duterte set to sign new foreign investment negative list post-ASEAN Summit

President Rodrigo Duterte is expected to sign a new foreign investment negative list (FINL) after the Association of Southeast Asian Nations Summit and Related Meetings are over, the National Economic and Development Authority (NEDA) said Tuesday.

The FINL is a comprehensive list of activities and sectors which are off limits to foreign investors.

In an interview with reporters at the NEDA Headquarters in Pasig City, Undersecretary Rosemarie Edillon said Duterte is set to sign the FINL after next week's ASEAN Summit.

"Of course right now ang preoccupation is the ASEAN. So siguro after this, then we can have some normalcy in the schedule—not just of the President but also of the Cabinet members," she said.

Once the ASEAN activities are over, Edillon expects the President to be able to focus on other official matters—hopefully, including the final draft of the FINL.

Socioeconomic Planning Secretary Ernesto Pernia said in September the government wants to release a "drastically" shorter list this year, as he wants foreign investors to be able to participate in retail trade and public utilities.

Pernia also said last month the government wants to lower the minimum paid-up capital for foreign investors to $200,000 from $2.5 million.

Edillon said the final draft of the list, which seeks to also liberalize the research sector, has been submitted to Duterte in October.

"If they can bring in better ways, more efficient ways of doing it, then why not," she said.

With the research sector open to foreign investors, Edillon said Philippine companies stand to gain from foreign firms in terms of transfer of knowledge.

"For example, if you want to do back-office accounting procedures for a European company, e 'di dapat alam mo 'yung European practice or standards," Edillon noted.

"There should be some short courses na ito 'yung difference ng Philippine accounting, mga ganong klase, para talagang makapag-level up 'yung sector," she added. — VDS, GMA News