FDI is limited to 40% in milling, processing of rice and corn in the medium-term framework (with 30 years from the start of operations, foreign shareholding must be divested to a level below 40% of the total equity).
"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 [...]
20. Culture, production, milling, processing, trading except retailing, of rice and corn and acquiring, by barter, purchase or otherwise, rice and corn and the by-products thereof (Sec. 5 of P.D. No. 194)¹¹ [¹¹ Full foreign participation is allowed provided that with the 30-year period from start of operation, the foreign investor shall divest a minimum of sixty-percent (60%) of their equity to Filipino citizens (Sec. 5 of PD No. 194; NFA Council Resolution No. 193, s. 1998)][...]" (Eleventh Regular Foreign Investment Negative List (Executive Order No. 65 / 2018))


Eleventh Regular Foreign Investment Negative List (Executive Order No. 65 / 2018)
[<a href="https://www.officialgazette.gov.ph/downloads/2018/10oct/20181029-EO-65-RRD.pdf">List</a>]