EXECUTIVE ORDER No. 584 December 08, 2006

PROMULGATING THE SEVENTH REGULAR FOREIGN INVESTMENT NEGATIVE LIST

WHEREAS, Republic Act No. 7042, otherwise known as the Foreign Investments Act of 1991, as amended by RA 8179, provides for the formulation of a Regular Foreign Investment Negative List covering investment areas/activities which may be opened to foreign investors and/or reserved to Filipino nationals;

WHEREAS, the Regular Foreign Investment Negative List, consisting of Lists A and B, is effective for two (2) years pursuant to Section 8 of RA 7042 (as amended) and its revised Implementing Rules and Regulations;

WHEREAS, there is a need to formulate a Seventh Regular Foreign Investment Negative List in view of the expiration of the existing list on January 6, 2007;

NOW, THEREFORE, I, GLORIA MACAPAGAL-ARROYO, President of the Republic of the Philippines, by virtue of the powers vested in me by law, do hereby order:

SECTION 1. Only the investment areas or activities listed in Annex A hereof shall be reserved to Philippine nationals, and hereafter shall be referred to as the Seventh Regular Foreign Investment Negative List. The extent of foreign equity in these areas shall be limited to the percentages indicated in the List.

SECTION 2. Any amendment to List A may be made at any time to reflect changes instituted in specific laws while amendments to List B shall not be made more often than once every two years, pursuant to Section 8 of RA 7042 (as amended) and its revised Implementing Rules and Regulations.

SECTION 3. All orders, issuances, rules and regulations or parts thereof, which are inconsistent with this Order are hereby revoked or modified accordingly.

SECTION 4. This Executive Order shall take effect upon the expiration of the Sixth Regular Foreign Investment Negative List on January 6, 2007 following its publication in a national newspaper of general circulation.

Done in the City of Manila, this 8th day of December, in the year of Our Lord, Two Thousand and Six.

(Sgd.) GLORIA MACAPAGAL-ARROYO

President of the Philippines

By the President:

(SGD.) EDUARDO R. ERMITA

Executive Secretary

Reference: Annex A