Manila, April 16 -- The Philippine government has retained longstanding foreign ownership restrictions in key sectors even as it continues to implement economic reforms aimed at attracting more investments.

President Ferdinand R. Marcos Jr. signed on Monday Executive Order (EO) 113, promulgating the 13th Regular Foreign Investment Negative List (FINL), which defines the scope and limits of foreign participation in various industries in accordance with the Foreign Investments Act of 1991. A copy of the issuance was released Thursday.

The FINL divides restrictions into List A (mandated by the Constitution/law) and List B (security, health, morals, and small-scale business protection).

Under the updated list, several industries remain clo...