Socioeconomic Planning Secretary Ernesto M. Pernia (File photo by JOAN BONDOC / Philippine Daily Inquirer)
The government is planning to allow up to 100-percent foreign participation in foreign-funded construction projects while also raising the share for those that will be financed locally, the country’s chief economist said Wednesday.
On the sidelines of the joint membership meeting of the Makati Business Club and the Philippine Chamber of Commerce and Industry, Socioeconomic Planning Secretary Ernesto M. Pernia told reporters that the proposed 11th foreign investment negative list (FINL) would be tackled by the National Economic and Development Authority Board chaired by the President on March 6.
In the case of construction activities, Pernia, who heads Neda, said he endorsed a draft executive order (EO) raising the share of foreign contractors in local projects to “over 40 percent.”
The 10th FINL issued in 2015 provided for a maximum of 25-percent foreign equity in locally funded public works.
As for foreign-funded projects, Pernia said fully foreign-owned firms might participate under Neda’s proposal.