FIRST REGULAR FOREIGN INVESTMENT NEGATIVE LIST

WHEREAS, there is a need to attract, promote and increase productive
investments in the country to ensure sustained economic growth and realize its
goal of becoming a newly industrializing economy.

WHEREAS, the importance of foreign investments in supplementing the
financial and technological requirements of the country is recognized.

WHEREAS, foreign equity participation of as much as one hundred percent
(100%) is allowed as a general rule except in areas reserved to Philippine
nationals as mandated in the Constitution and other relevant laws of the
country.

WHEREAS, the Government recognizes the rights of Philippine nationals, and
the need to protect certain areas as provided for in the Constitution and other
laws, and for reasons of security, defense, risk to health and morals, and
protection of local small and medium-scale enterprises.

WHEREAS, no petitions for inclusion in List C were received during the
filing period set by the NEDA.

NOW, THEREFORE, I, FIDEL V.
RAMOS, President of the Republic of the
Philippines, by virtue of the powers vested in me by Sections 8 and 9 of
Republic Act No. 7042, also known as the Foreign Investments Act (FIA) of 1991
do hereby order:

SECTION 1. Only the investment areas listed in “Annex A” hereof, also known as
the Foreign Investment Negative List, shall be reserved to Philippine
Nationals. The extent of foreign equity participation in these areas shall be
limited to percentages indicated in the List.

SECTION 2. Any Amendment to the list shall only be made once every two years,
pursuant to Section 8 of the FIA and Rule XI of the Implementing Rules and
Regulations of the FIA.

SECTION 3. All orders, issuances, rules and regulations, or parts thereof,
which are inconsistent with this Executive Order are hereby revoked or modified
accordingly.

SECTION 4. This Executive Order shall take effect immediately following the
end of the transitory period or on October 24, 1994.

DONE in the City of Manila, this 22nd day of June in the year of our
Lord, Nineteen Hundred and Ninety Four.

(Sgd.) FIDEL
V. RAMOS
President of the Philippines

By the President:

(Sgd.) TEOFISTO T. GUINGONA, JR.
Executive Secretary

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