The FIA covers all investment areas except banking and other financial institutions, which are governed and regulated by the Bangko Sentral ng Pilipinas (BSP).
The Foreign Investment Negative List covers areas of economic activity whose foreign ownership is limited to a maximum of forty percent (40%) of the outstanding capital stock in the case of a corporation or capital in the case of partnership.
Below are further descriptions on the Negative Lists A & B:
List A: refers to areas reserved to Filipinos by mandate of the Constitution and Special Laws such as but not limited to:
a.  Mass Media, except recording, practice of licensed profession, retail trade,cooperative and small –scale mining, etc. where foreign ownership is prohibited; and
b.   Advertising, ownership of land, operation and management of public utilities, etc., where only minority foreign ownership is prohibited.
List B: refers to areas that are defense-related, those with adverse effects on public health and morals and domestic market enterprises with paid-up capital of less than US$200,000, provided they involved advance technology as determined by the Department of Science and Technology (DOST) or directly employ at least fifty (50) employees, in which case, the paid-up capital shall be lowered to US$100,000 ONLY TO NON-Philippine nationals.