Restrictions on foreign participation in Board of directors in firms engaging in forestry and wood processing seem to exist, based on Philippines's [negative] reservation list under ACIA and by explicit limitations under the Forestry Profession Act, which inter alia requires the Board of Directors of corporations involved in forestry business to be composed o 'registered foresters'. Only Philippine citizens and foreigners of a country or state that has a reciprocity agreement with the Philippines on the practice of forestry can qualify to become a 'registered forester'. For the Purposes of the OECD FDI Regulatory Restrictiveness Index, it is assumed that at least one member of the BOD needs to be Filipino.
"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
No Foreign Equity [...]
2. Practice of Professions² (Art. XII, Sec. 14 of the Constitution, Sec. 1 of R.A. No. 5181, Sec. 7[j] of R.A. No. 8981), including Radiologic and x-ray technology (R.A. No. 7431), Criminology (R.A. No. 6506), Law (Art. VIII, Section 5 of the Constitution; Rule 138, Sec. 2 of the Rules of Court of the Philippines), and Marine deck officers and marine engine officers (R.A. No. 10635), subject to the Annex on Professions attached herewith and forming an integral part of this document, indicating the professions where (a) foreigners are allowed to practice in the Philippines subject to reciprocity; and (b) where corporate practice is allowed. Foreigners may teach at higher education levels (R.A. No. 8292), provided the subject being taught is not a professional subject (i.e., included in a government board or bar examination). [²2 Section 1(b) of Professional Regulation Commission Resolution No. 2012-668 defines ‘practice of a profession” as an “activity/undertaking rendered by a registered and licensed professional or a holder of a Special Temporary Permit as defined in the scope of practice of a professional regulatory law.”]
[...]
ANNEX ON PROFESSIONS [Law is not present in the list of professions in items A and B of this Annex]
A. Foreigners are allowed to practice the following professions in the Philippines provided that their home country allows Filipinos to be admitted to the practice of these professions:
-Forestry (Sections 14 and 27, R.A. No.10690)[...]
[...]
B. Corporate practice is allowed in the following professions, subject to the requirements and conditions under the pertinent professional regulatory law:
-Forestry (Section 25, R.A. No. 10690) [...]" (Eleventh Regular Foreign Investment Negative List (Executive Order No. 65 / 2018))
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"Section 2. All lands of the public domain, waters, minerals, coal, petroleum, and other mineral oils, all forces of potential energy, fisheries, forests or timber, wildlife, flora and fauna, and other natural resources are owned by the State. With the exception of agricultural lands, all other natural resources shall not be alienated. The exploration, development, and utilization of natural resources shall be under the full control and supervision of the State. The State may directly undertake such activities, or it may enter into co-production, joint venture, or production-sharing agreements with Filipino citizens, or corporations or associations at least sixty per centum of whose capital is owned by such citizens. Such agreements may be for a period not exceeding twenty-five years, renewable for not more than twenty-five years, and under such terms and conditions as may be provided by law. [...]
SECTION 14. The sustained development of a reservoir of national talents consisting of Filipino scientists, entrepreneurs, professionals, managers, high-level technical manpower and skilled workers and craftsmen in all fields shall be promoted by the State. The State shall encourage appropriate technology and regulate its transfer for the national benefit.
The practice of all professions in the Philippines shall be limited to Filipino citizens, save in cases prescribed by law.[...]" (Art XII, Sec 2 and 14, 1987 Constitution of the Republic of The Philippines)
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"ARTICLE I - TITLE, POLICY, OBJECTIVES, TERMS AND SCOPE OF PRACTICE [...]
SECTION 5. Scope of Practice of Forestry. – The practice of forestry shall include the following: [...]
(b) The preparation and conduct of feasibility studies pertaining to natural forest and plantation forest management, watershed management, range or grazing land management, wildlife and biodiversity systems management, wood technology and timber engineering, wood products manufacturing and marketing management, and technical or management consultancy;
[...]
ARTICLE III - EXAMINATION, REGISTRATION, CERTIFICATION, AND LICENSURE
[...]
SECTION 14. Qualifications of an Applicant for the Licensure Examination. – An applicant for the licensure examination for foresters shall satisfactorily prove possession of the following qualifications: (a) Philippine citizenship, or in the case of a foreigner, citizenship of a country or state that has a reciprocity agreement with the Philippines on the practice of forestry;
[...]
ARTICLE IV - PRACTICE OF FORESTRY
SECTION 25. Lawful Practitioners of Forestry. – The following natural persons and juridical persons shall be authorized to practice the forestry profession: [...]
(b) Juridical persons: (1) Single proprietorship whose owner and staff are registered foresters; (2) Partnership duly registered with the Securities and Exchange Commission (SEC) as professional partnership pursuant to the New Civil Code, and composed of partners who are all duly registered foresters; (3) Corporation duly registered with the SEC as engaged in the practice of forestry with officers and Board of Directors who are all registered foresters; and (4) Association duly registered with the SEC as nonprofit and nonstock corporation whose officers, Board of Trustees, and members are all registered foresters.These juridical persons shall also be registered with the Board and the PRC in accordance with duly issued rules and regulations. 
[...]
SECTION 27. Foreign Reciprocity. – No foreigner shall be allowed to take the licensure examination for foresters, register, or receive one’s certificate of registration and professional identification card, or practice forestry in the Philippines unless the requirements for the licensure examination and the registration and practice of forestry imposed under the laws and regulations in one’s foreign country or state are substantially the same as those required and contemplated by the Philippine laws and regulations, and unless the said foreign laws and regulations allow Philippine citizens to practice forestry within the territory of the said foreign country or state on the same basis, and grant the same privileges as those enjoyed by the citizens, subjects or nationals thereof." (RA 10690)
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"Sector: Manufacturing and Services Incidental
Industry Classification: ISIC Division 15-36 (All manufacturing) [...] ISIC 2710 (Manufacture of basic iron and steel) and 2731 (Casting of iron and steel); 
[...]
Description of Measure: [...] National Treatment and the Senior Management and Board of Directors obligations shall not apply to measures relating to investments such as but not limited to the following sectors, consistent with economic development goals: 
1. Manufacture of iron and steel products; and, 
2. Establishment, installation, addition and operation of any wood or forest products processing plants.
Measures may include but not be limited to foreign equity restrictions and export requirements.
Source of Measure: - 1987 Constitution of the Republic of the Philippines. - Foreign Investments Act of 1991 (R.A. No. 7042, as amended by R.A. No. 8179.) - Iron & Steel Industry Act (R.A. No.  7103). [...]" (ASEAN Comprehensive Investment Agreement (ACIA), Philippines Reservation [negative] List)
Eleventh Regular Foreign Investment Negative List (Executive Order no. 65) / 2018
Art XII, Sec 2 and 14, 1987 Constitution of the Republic of The Philippines
RA 10690, Art. III, Sec. 14 and Art. IV, Sec. 25 and 27.
ASEAN Comprehensive Investment Agreement (ACIA), Philippines Reservation List.
[<a href="https://www.officialgazette.gov.ph/downloads/2018/10oct/20181029-EO-65-RRD.pdf">List</a>],[<a href="https://www.officialgazette.gov.ph/constitutions/1987-constitution/">Constitution</a>],[<a href="https://lawphil.net/statutes/repacts/ra2015/ra_10690_2015.html&hl=en&gl=fr&strip=1&vwsrc=0">Act</a>],[<a href="https://investasean.asean.org/files/upload/Philippines%20Rsv%20List%20%20(Final%2016%20Aug%202010).pdf">ACIA</a>]