79 Leo P. Gonzaga, Foreign Investment Climate, 10:6 East Asian Executive Reports 22 (June 15,1988); and Leo P. Gonzaga, Foreign Investment: Nationalistic Mood Begins to Change. 11:5 East AsianExecutive Reports 18 (May 15, 1989). 80 The Foreign Investments Act of 1991 (Investments Act), Republic Act No. 7042.81 Leo P. Gonzaga, Foreign Investment Legislation Proposed, 13:5 East Asian Executive Reports 17(May 15, 1991); Jamie P. Horsely, Forex Controls Liberalized in Third Major Reform Package, 14:1 EastAsian Executive Reports 9 (Jan. 15. 1992).82 Investments Act, Section 2.83 The following articles discuss the Philippine government's efforts to liberalize the economy byreducing price controls, enacting a new tax code, reducing customs duties, and eliminating foreignexchange regulations. Bernardo Villegas, Philippine Progress. The Economist 6 (July 13. 1991); Jamie P.Horsely, Fores Controls Liberalized in Third Major Reform Package, 14:1 East Asian Executive Reports9 (Jan. 15, 1992); Richard Gourlay, The Philippines; Rocky Road to Transition, Financial Times, 1 (Feb.17, 1992); Victor Mallet, The Philippines 4; Belated Attempt to Remedy Matters - Investment, FinancialTimes. 4 (Feb. 17, 1992); Trading with the Philippines: Regulations, Taxes, Practices. 13:3 East AsianExecutive Reports 10 (March 15. 1992). 84 See Appendix, an Executive Summary of the Investments Act's "Negative List." Jamie P. Horsely,Philippines Enacts New Investment Code, 13:7 East Asian Executive Reports 9 (July 15. 1991).
Other Southeast Asian countries, such as Indonesia, Malaysia, and Thailand have incorporated
similar 'Negative Lists' or reserve lists into their respective foreign investment laws with much success.
See Investment Laws of the World, Oceana Publications, Dobbs Ferry: New York; Indonesia - issued 1978,
updated March 1991; Malaysia - issued 1988, updated March 1991; Thailand - Investment Promotion
Act, 29 April. B.E. 2520 (A.D. 1977).
85 Investments Act, Section 3(g).
86 See Appendix.
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