Philippines to ease restrictions on foreign investment hinh anh 1Philippine President Rodrigo Duterte (Photo: AFP/VNA)

Manila (VNA) – Philippine President Rodrigo Duterte has ordered the National Economic and Development Authority (NEDA) to ease or lift restrictions on foreign participation in several investment areas and activities.

The order was delivered as a memorandum circular, which requires immediate actions to raise the Philippines' level of competitiveness.

Regulations have been eased in private recruitment for local and overseas employees, contracts for the construction and repair of locally-funded public works, teaching at higher education levels, retail enterprises, and domestic enterprises.

The document also mentioned public services, culture, production, and trading.

The move also aims to amend the Tenth Regular Foreign Investment Negative List issued in 2015, which shows investment areas and activities open to foreign investors or reserved only to Philippine investors, as well as the extent of foreign equity participation in specific investment activities.

Under the Philippine’s 1987 Constitution, foreign ownership in some key businesses is capped at 40 percent.-VNA