The Foreign Investments Act of 1991, as Amended, Republic Act No. 11647 (Philippines)

The Republic Act amends the Foreign Investments Act of 1991 by easing foreign ownership restrictions. It allows non-Philippine nationals to own 100% ownership in export enterprises whose products do not fall within Lists A and B of the Foreign Negative List. It further allows non-Philippine nationals to own paid-in capital of micro and small domestic enterprises, including those involved in advance technology and start-ups pursuant to the Innovative Startup Act. The Republic Act created an Inter-Agency Investment Promotion Coordination Committee which is mandated to integrate all promotion and facilitation efforts to encourage foreign investments in the Philippines. The Department of Trade and Industry acts as the lead agency. It further penalizes public officials and employees who are found to be involved in foreign investment promotion who shall use the same to commit any of the punishable acts in the Anti-Graft and Corrupt Practices Act.