Section 24Sec./Art. 24

Investments by an Entity Controlled by or Acting on Behalf of the Foreign Government, or Foreign State-owned Enterprises. -An entity controlled by or acting on behalf of the foreign government or foreign state-owned enterprises shall be prohibited from owning capital in any public service classified as public utility or critical infrastructure:Provided,That the prohibition shall apply only to investments made after the effectivity of this Act:Provided, further,That foreign state-owned enterprises which own capital prior to the effectivity of this law are prohibited from investing in additional capital upon the effectivity of this Act:Provided, finally,That notwithstanding the immediately preceding clause, the sovereign wealth funds and independent pensions funds of each state may collectively own up to thirty percent (30%) of the capital of such public services.

In the interest of national security, an entity controlled by or acting on behalf of the foreign government or foreign-owned enterprises shall not make any date or information disclosure, nor extend assistance, support or cooperation to any foreign government, instrumentalities or agents.

The NEDA shall promulgate rules and regulations to implement the provisions of this section.