On March 4, 2022, the Philippines amended the Foreign Investment Act, introducing an FDI review mechanism for strategic industries. This involves assessing foreign investments in military, cyber infrastructure, and critical geographical areas for potential threats to national security.
"Sec. 16. Review of Strategic Industries. — Upon the order of t-He-'President, the IIPCC, in coordination with the National Security Council (NSC), and the NEDA, shall review foreign investments involving military-related industries, cyberinfrastructure, pipehne transportation, orsuch other activities which may threaten territorial integrity and the safety, security and weU-being of Filipino citizens, when: (a) Made by a foreign government-controlled entity or state-owned enterprises except independent pension funds, sovereign wealth funds and multinational banks; or (b) Located in geographical areas critical to national security. Any recommendation to suspend, prohibit, or otherwise limit a reviewed foreign investment under this section shall be transmitted to the Office ofthe Presidentfor appropriate action." (Republic Act 11647, 2 March 2022, (consolidation of House Bill No. 300 and Senate Bill No. 1156))
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[not reproduced here]  (Implementing Rules and Regulations of RA 7042 (Foreign Investments Act of 1991) as amended by RA 11647)
Republic Act 11647, 2 March 2022, (consolidation of House Bill No. 300 and Senate Bill No. 1156)
Implementing Rules and Regulations of RA 7042 (Foreign Investments Act of 1991) as amended by RA 11647
[<a href="https://legacy.senate.gov.ph/republic_acts/ra%2011647.pdf">Act</a>],[<a href="https://neda.gov.ph/irr-of-ra-7042-fia-of-1991-as-amended-by-ra-11647/">Rules</a>],[<a href="https://insightplus.bakermckenzie.com/bm/dispute-resolution/philippines-neda-issues-implementing-rules-and-regulations-of-the-law-removing-foreign-equity-restrictions-on-public-service-companies">Other</a>]