WHEREAS, Republic Act 8179, which amends RA 7042 also known as the Foreign Investments Act of 1991, provides the formulation of a Regular Foreign Investments Negative List covering the investment areas/activities which may be opened to foreign investors and/or reserved to Filipino nationals;

WHEREAS, the Regular Foreign Investment Negative List, consisting of List A and B, has the effectivity of two years pursuant to the Implementing Rules and Regulations of the Foreign Investments Act of 1991;

WHEREAS, there is a need to formulate the third Foreign Investment Negative List in view of the expiration of the effectivity of the existing List on 23 October 1998, as well as to incorporate thereto those provisions of existing laws on foreign investments;

NOW, THEREFORE, I, JOSEPH EJERCITO ESTRADA, President of the Republic of the Philippines, by virtue of the powers vested in me by Law, do hereby order;

SECTION 1. Only the investment areas and/or activities listed in Annex A herewith shall be reserved to Philippine nationals, and hereafter shall be referred to as the Third Regular Foreign Investments Negative List. The extent of foreign equity participation in these areas shall be limited to the percentages indicated in the List.

SECTION 2. Any amendment to List A may be made at any time to reflect changes instituted in specific laws while amendments to List B shall not be made more often than once every two years, pursuant to Section 8 of the Foreign Investments Act of 1991 as amended, and of its Implementing Rules and Regulations.

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

SECTION 4. This Order shall take effect immediately on 24 October 1998.

DONE, in the City of Manila, this 11th day of August, in the year of Our Lord, Nineteen Hundred and Ninety-Eight.

(SGD.) JOSEPH EJERCITO ESTRADA
President of the Philippines

By the President:

(SGD.) RONALDO B. ZAMORA
Executive Secretary