FDI is limited to 40% (up from 25% until 2018) in the case of contracts for the construction and repair of locally-funded public works, except for: (a) infrastructure/development projects covered in RA 7718; and (b) projects which are foreign funded or assisted and required to undergo international competitive bidding, which in these cases FDI is limited to 40%. Foreign equity is allowed without restrictions in other construction-related activities.
"Only the investment areas and/or activities listed in the attached Eleventh Regular Foreign Investment Negative List shall be reserved for Philippine nationals, subject to the exceptions and conditions indicated therein.
[...]
LIST A: FOREIGN OWNERSHIP IS LIMITED BY MANDATE OF THE CONSTITUTION AND SPECIFIC LAWS [...]
Up to Forty Percent (40%) Foreign Equity
15. Subject to applicable regulatory frameworks, contracts for the construction and repair of locally-funded public works (SEC. 1 o C.A. No. 541, Letter of Instruction No. 630), except:
a. Infrastructure/development projects covered in R.A. No, 7718; and
b. Projects which are foreign-funded or assisted and required to undergo international competitive bidding (Sec. 2[a]of R.A. No. 7718)6 [6 Section 2(a) of R.A. No. 7718 states that "[f] or the construction stage of these infrastructure projects, the project proponent may obtain financing from foreign and/or domestic sources and/or engage the service of a foreign and/or Filipino contractor. Provided, That, in case an infrastructure of a development facility's operation requires a public utility franchise, the facility operator must be Filipino or if a corporation, it must be duly registered with the Securities and Exchange Commission and owned up to at least sixty percent (60%) by Filipinos Provided further, That in the case of foreign contractors, Filipino labor shall be employed or hired in the different phases of the construction where Filipino skills are available"][...]" (Eleventh Regular Foreign Investment Negative List (Executive Order No. 65 / 2018))
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"Section 2. Definition of Terms. - The following terms used in this Act shall have the meanings stated below:
(a) Private sector infrastructure or development projects - The general description of infrastructure or development projects normally financed and operated by the public sector but which will now be wholly or partly implemented by the private sector, including but not limited to, power plants, highways, ports, airports, canals, dams, hydropower projects, water supply, irrigation, telecommunications, railroads and railways, transport systems, land reclamation projects, industrial estates or townships, housing, government buildings, tourism projects, markets, slaughterhouses, warehouses, solid waste management, information technology networks and database infrastructure, education and health facilities, sewerage, drainage, dredging, and other infrastructure and development projects as may be authorized by the appropriate agency/LGU pursuant to this Act. Such projects shall be undertaken through contractual arrangements as defined hereunder and such other variations as may be approved by the President of the Philippines.
For the construction stage of these infrastructure projects, the project proponent may obtain ﬁnancing from foreign and/or domestic sources and/or engage the services of a foreign and/or Filipino contractor: Provided, That, in case an infrastructure or a development facility's operation requires a public utility franchise, the facility operator must be a Filipino or if a corporation, it The Philippine BOT Law must be duly registered with the Securities and Exchange Commission and owned up to at least sixty percent (60%) by Filipinos: Provided, further, That in the case of foreign contractors, Filipino labor shall be employed or hired in the different phases of construction where Filipino skills are available: Provided, ﬁnally, That projects which would have difﬁculty in sourcing funds may be ﬁnanced partly from direct government appropriations and/or from Ofﬁcial Development Assistance (ODA) of foreign governments or institutions not exceeding ﬁfty percent (50%) of the project cost, and the balance to be provided by the project proponent.[...]" (Sec.2(a) of RA 7718)

Eleventh Regular Foreign Investment Negative List (Executive Order No. 65 / 2018)
Sec 2a of RA 7718
[<a href="https://www.officialgazette.gov.ph/downloads/2018/10oct/20181029-EO-65-RRD.pdf">List</a>],[<a href="https://ppp.gov.ph/wp-content/uploads/2015/01/Republic-Act-7718.pdf">Act</a>]