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Philippine foreign investment regime: sectoral ownership limits, national security screening, recent liberalisations, SEC licensing and PCC merger thresholds
PRACTICE NOTES
Philippine foreign investment regime: sectoral ownership limits, national security screening, recent liberalisations, SEC licensing and PCC merger thresholds
1. What is the applicable legislation? The main laws governing foreign direct investment (FDI) in the Philippines include: Republic Act (RA) No. 7042, as amended by RA No. 11647, known as the Foreign Investment Act 1991 (FIA), together with the FIA’s Implementing Rules and Regulations (IRR), which serve as the primary framework regulating foreign investment in the Philippines. The FIA seeks to regulate and advance the State’s policy on productive foreign investment in activities that meaningfully drive sustainable, inclusive, resilient, and innovative economic growth, enhanced productivity, global competitiveness, employment generation, technological development, and nationwide progress, to the extent such investment in a given activity is permitted by the Constitution and pertinent laws, and in a manner consistent with the protection of national security...
Competition
Philippine Merger Control: 2024–2026 Developments, Control Test, Notification Thresholds, Foreign-to-Foreign Deals, Joint Ventures, PCC Procedure, Remedies Guidance, Standstill Obligations and Sanctions
PRACTICE NOTES
Philippine Merger Control: 2024–2026 Developments, Control Test, Notification Thresholds, Foreign-to-Foreign Deals, Joint Ventures, PCC Procedure, Remedies Guidance, Standstill Obligations and Sanctions
1. Have there been any recent developments regarding the regime and are any updates/developments expected in the coming year? Are there any other ‘hot’ merger control issues in the Philippines? Notification thresholds From 1 March 2026, the Philippine Competition Commission (PCC) increased the compulsory merger notification thresholds in the Philippines to PHP 9.1bn for the turnover threshold and to PHP 3.8bn for the size of transaction threshold, up from PHP 8.5bn and PHP 3.5bn, respectively. Further details on these thresholds are set out in Question 4 below. Guidelines on Merger Remedies On 9 May 2024, the PCC adopted the Guidelines on Merger Remedies (Guidelines), which outline the PCC’s approach to assessing remedies for mergers and acquisitions that, during review, are considered likely to lead to a substantial prevention, restriction, or lessening of competition (SLC) in defined relevant markets. The Guidelines cover the design, choice, and
Competition
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