Until 2021, FDI in telecommunications was limited to 40%, except for internet access providers.
On 9 April 2022, Act RA 11659 amending the Public Service Act entered into force. The Act limits the scope of 'public utility' services subject to the 40% foreign ownership limitation under the Constitution to: (a) distribution and transmission of electricity; (b) petroleum and petroleum products pipeline transmission systems; (c) water pipeline distribution systems; (d) wastewater and sewerage pipeline systems; (e) seaports; and (f) public utility vehicles. Corporations engaged in activities that were previously considered as public utilities, such as telecommunications, are no longer considered as public utilities. Telecommunication companies, however, continue to be classified as "critical infrastructure", therefore  being subject to reciprocity conditions. Foreign nationals are allowed to own more than 50% of capital in public services engaged in the operation and management of critical infrastructure, but only if the country of such foreign nationals accords reciprocity to Philippine nationals under foreign law or a treaty. Reciprocity may be satisfied according to rights of similar value in other economic sectors, which shall be the subject of further rules by the National Economic Development Authority (NEDA).  Moreover, the amendment introduces preference for local workforce involved in public services relying on reciprocity too.
"Section l. Declaration of Policy. - The State recognizes the role ofthe private sector as one ofthe main engines for national growth and development. […] These policies are fulfilled by: (a) ensuring effective regulation ofpublic services; (b) providing reasonable rate of return to public services; (c) rationalizing foreign equity restrictions by clearly defining the term “public utilities”; and (d) instituting processes for the protection of national security.
Sec. 2. Definition of Terms. - For the purposes of this Act, the terms below shall be defined asfollows: [...]
(b) Certificates refer to any franchise, certificate of public convenience, certificate of public convenience and necessity, concession, or any other appropriate form of authorization for the operation of a public service, including a public utility, as may be applicable; [...]
(e) Critical Infrastructure refers to any public service which owns, uses, or operates systems and assets, whether physical or virtual, so vital to the Republic of the Phlippines that the incapacity or destruction of such systems or assets would have a detrimental impact on national security, including telecommunications and other such vital services as may be declared by the President ofthe Philippines; [...]
(m) Telecommunications refers to any process which enables a telecommunications entity to relay and receive voice, data, electronic messages, written or printed matter, fixed or moving pictures, words, music or visible or audible signals or any control signals of any design and for any purpose by wire, radio or other electromagnetic, spectral, optical or technological means, as defined by Section 3(a) of Republic Act No. 7925, otherwise known as the “Public Telecommunications Policy Act of the Philippines”, as amended, except passive telecommunications tower infrastructure and components, such as, but not limited to, poles, fiber ducts, dark fiber cables, and passive telecommunications tower infrastructure, as defined by the Department ofInformation and Communications Technology (DICT), and value-added services, as defined in Section 3(h) of Republic Act No. 7925, as amended; [...]
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Sec. 13. (a) The Commission shall have jurisdiction and supervision over all public services, including public utilities, [...] 
(d) Public Utility. — Public utility refers to a public service that operates, manages or controls for public use any ofthe following: (1) Distribution of Electricity; (2) Transmission of Electricity; (3) Petroleum and Petroleum Products Pipeline Transmission Systems; (4) Water Pipeline Distribution Systems and Wastewater Pipeline Systems, including sewerage pipeline systems; (5) Seaports; and (6) Public Utility Vehicles. [...] A public service which is not classified as a public utility under this Act shall be considered a business affected with public interestfor purposes of Sections 17 and 18 of Article XII of the Constitution. [...]
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Sec. 16. Proceedings of the Commission, upon notice and hearing. - The Commission shall have the power, upon proper notice and hearing in accordance with the rules and provisions of this Act:
(a) To issue certificates authorizing the operation of public service within the Philippines whenever the Commission finds that the operation of the public service proposed and the authorization to do business will promote the public interest in a proper and suitable manner: Provided, That any certificate authorizing the operation, management or control of a pubhc service shall only be issued to corporations, partnerships, associations or joint stock companies that are constituted and organized under the laws ofthe Philippines. [...]
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Sec. 25. Reciprocity Clause.- Foreign nationals shall not be allowed to own more than fifty percent (50%) of the capital of entities engaged in the operation and management of critical infrastructure unless the country of such foreign national accords reciprocity to Philippine Nationals as may be provided by foreign law, treaty orinternational agreement. Reciprocity may be satisfied by according rights of similar value in other economic sectors. [...] Unless otherwise provided by law, or by any international agreement, a public service shall employ a foreign national only after the determination of non-availability of a Philippine National who is competent, able and willing to perform the services for which the foreign nationalis desired." (Republic Act No. 11659, 21 March 2022, (consolidation of House Bill No. 78 and Senate Bill No. 2094))
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[not reproduced here] (Executive Order (EO) No. 175 promulgating the 12th Regular Foreign Investment Negative List (RFINL))
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Previously up to 2022
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"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.
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LIST A: FOREIGN OWNERSHIP IS LIMITED BY MANDATE OF THE CONSTITUTION AND SPECIFIC LAWS [...]
Up to Forty Percent (40%) Foreign Equity
18. Operation of public utilities (Art. XII, Sec. 11 of the Constitution; Sec. 16 of C.A. No. 146; Sec. 2(a) of R.A. No. 7718),8 except power generation and the supply of electricity to the contestable market (Sec. 6 and Sec. 29, respectively, of R.A. No. 9136) and such other like businesses or services not covered by the definition of public utilities9 [8 The Participation of foreign investors in the governing body of any public utility enterprise shall be limited to their proportionate share in its capital, and all the executive and managing officers of such corporation or association must be citizens of the Philippines (Article XII, Section 11 of the Constitution); 9 A “public utility” is a business or service engaged in regularly supplying the public with some commodity or service of consequence such as electricity, gas, water, transportation, telephone or telegraph service (Supreme Court ruling in JG Summit Holdings v. Court of Appeals, et al., September 24, 2003).][...]" (Eleventh Regular Foreign Investment Negative List (Executive Order No. 65 / 2018))
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"ARTICLE XII - National Economy and Patrimony [...]
SECTION 11. No franchise, certificate, or any other form of authorization for the operation of a public utility shall be granted except to citizens of the Philippines or to corporations or associations organized under the laws of the Philippines at least sixty per centum of whose capital is owned by such citizens, nor shall such franchise, certificate, or authorization be exclusive in character or for a longer period than fifty years. Neither shall any such franchise or right be granted except under the condition that it shall be subject to amendment, alteration, or repeal by the Congress when the common good so requires. The State shall encourage equity participation in public utilities by the general public. The participation of foreign investors in the governing body of any public utility enterprise shall be limited to their proportionate share in its capital, and all the executive and managing officers of such corporation or association must be citizens of the Philippines." (Art XII, Section 11 1987 Constitution of the Republic of The Philippines)
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"Section 2. Definition of Terms. - The following terms used in this Act shall have the meanings stated below:
(a) Private sector infrastructure or development projects - The general description of infrastructure or development projects normally financed and operated by the public sector but which will now be wholly or partly implemented by the private sector, including but not limited to, power plants, highways, ports, airports, canals, dams, hydropower projects, water supply, irrigation, telecommunications, railroads and railways, transport systems, land reclamation projects, industrial estates or townships, housing, government buildings, tourism projects, markets, slaughterhouses, warehouses, solid waste management, information technology networks and database infrastructure, education and health facilities, sewerage, drainage, dredging, and other infrastructure and development projects as may be authorized by the appropriate agency/LGU pursuant to this Act. Such projects shall be undertaken through contractual arrangements as defined hereunder and such other variations as may be approved by the President of the Philippines.
For the construction stage of these infrastructure projects, the project proponent may obtain ﬁnancing from foreign and/or domestic sources and/or engage the services of a foreign and/or Filipino contractor: Provided, That, in case an infrastructure or a development facility’s operation requires a public utility franchise, the facility operator must be a Filipino or if a corporation, it The Philippine BOT Law must be duly registered with the Securities and Exchange Commission and owned up to at least sixty percent (60%) by Filipinos: Provided, further, That in the case of foreign contractors, Filipino labor shall be employed or hired in the different phases of construction where Filipino skills are available: Provided, ﬁnally, That projects which would have difﬁculty in sourcing funds may be ﬁnanced partly from direct government appropriations and/or from Ofﬁcial Development Assistance (ODA) of foreign governments or institutions not exceeding ﬁfty percent (50%) of the project cost, and the balance to be provided by the project proponent." (Sec.2(a) of RA 7718)
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"Section 13(b). The term "public service" includes every person that now or hereafter may own, operate, manage, or control in the Philippines, for hire or compensation, with general or limited clientele, whether permanent, occasional or accidental, and done for general business purposes, any common carrier, railroad, street railway, traction railway, sub-way motor vehicle, either for freight or passenger, or both with or without fixed route and whether may be its classification, freight or carrier service of any class, express service, steamboat or steamship line, pontines, ferries, and water craft, engaged in the transportation of passengers or freight or both, shipyard, marine railways, marine repair shop, [warehouse] wharf or dock, ice plant, ice-refrigeration plant, canal, irrigation system, gas, electric light, heat and power water supply and power, petroleum, sewerage system, wire or wireless communications system, wire or wireless broadcasting stations and other similar public services
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Section 14. The following are exempted from the provisions of the preceding section: (a) Warehouses; (b) Vehicles drawn by animals and bancas moved by oar or sail, and tugboats and lighters; (c) Airships within the Philippines except as regards the fixing of their maximum rates on freight and passengers; (d) Radio companies except with respect to the fixing of rates; (e) Public services owned or operated by any instrumentality of the National Government or by any government-owned or controlled corporation, except with respect to the fixing of rates. (As amended by Com. Act 454, RA No. 2031, and RA No. 2677)
Section 15. With the exception of those enumerated in the preceding section, no public service shall operate in the Philippines without possessing a valid and subsisting certificate from the Public Service Commission known as "certificate of public convenience," or "certificate of public convenience and necessity," as the case may be, to the effect that the operation of said service and the authorization to do business will promote the public interests in a proper and suitable manner.
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Section 16. Proceedings of the Commission, upon notice and hearing. - The Commission shall have power, upon proper notice and hearing in accordance with the rules and provisions of this Act, subject to the limitations and exceptions mentioned and saving provisions to the contrary : (a) To issue certificates which shall be known as certificates of public convenience, authorizing the operation of public service within the Philippines whenever the Commission finds that the operation of the public service proposed and the authorization to do business will promote the public interest in a proper and suitable manner. Provided, That thereafter, certificates of public convenience and certificates of public convenience and necessity will be granted only to citizens of the Philippines or of the United States or to corporations, co-partnerships, associations or joint-stock companies constituted and organized under the laws of the Philippines; Provided, That sixty per centum of the stock or paid-up capital of any such corporations, co-partnership, association or joint-stock company must belong entirely to citizens of the Philippines or of the United States: Provided, further, That no such certificates shall be issued for a period of more than fifty years. [...]" (Sec. 13-16, CA 146)
Republic Act No. 11659, 21 March 2022, (consolidation of House Bill No. 78 and Senate Bill No. 2094)
Executive Order (EO) No. 175 promulgating the 12th Regular Foreign Investment Negative List (RFINL)
Eleventh Regular Foreign Investment Negative List (Executive Order No. 65 / 2018)
Art XII, Section 11 1987 Constitution of the Republic of The Philippines
Sec 2a of RA 7718
Sec 13-16, CA 146

[<a href="https://legacy.senate.gov.ph/republic_acts/ra%2011659.pdf">Act</a>],[<a href="https://www.sec.gov.ph/wp-content/uploads/2024/03/2024_20220627-EO-175-RRD.pdf">List</a>],[<a href="https://www.officialgazette.gov.ph/downloads/2018/10oct/20181029-EO-65-RRD.pdf">List</a>],[<a href="http://www.officialgazette.gov.ph/constitutions/1987-constitution/">Constitution</a>],[<a href="https://ppp.gov.ph/wp-content/uploads/2015/01/Republic-Act-7718.pdf">Act</a>],[<a href="http://www.lawphil.net/statutes/comacts/ca_146_1936.html">Act</a>],[<a href="https://legacy.senate.gov.ph/press_release/2021/1215_prib1.asp#:~:text=SBN%202094%2C%20according%20to%20Poe,operate%20as%20a%20public%20utility.">Other</a>],[<a href="https://insightplus.bakermckenzie.com/bm/mergers-acquisitions_5/philippines-president-of-the-philippines-issues-twelfth-regular-foreign-investment-negative-list">Other</a>]