A recent update to the country’s investment restrictions is being seen by business groups as a step toward attracting more foreign capital, with calls for broader reforms to sustain momentum.

The American Chamber of Commerce (AmCham) of the Philippines said the issuance of Executive Order No. 113, which revises the Foreign Investments Negative List, signals the government’s intent to create a more competitive and investor-friendly environment.

Business leaders noted that easing restrictions in key sectors could help position the Philippines more strongly as regional competition for foreign direct investment intensifies.

The group pointed to recent policy moves opening up industries such as telecommunications and renewable energy as examples of reforms that could be expanded further across the economy.

AmCham emphasized that limiting foreign ownership should be clearly defined and tied to specific policy goals, adding that reducing long-standing barriers would support higher levels of investment, innovation, and job creation.

The chamber also renewed its push to revisit economic provisions of the 1987 Constitution that restrict foreign ownership in several industries, saying greater flexibility would allow policymakers to respond more effectively to changing economic conditions.

According to the group, aligning investment policies with those of neighboring ASEAN countries will be key to improving the Philippines’ competitiveness and attracting long-term capital.

AmCham said it remains committed to working with the government and other stakeholders to advance reforms that will further open the economy and strengthen the country’s position as a regional investment destination.