This chapter examines legal protection for domestic and foreign investors in the Philippine regulatory framework for investment. It looks at reforms that have progressively been introduced to enhance the transparency and predictability of investment policies, along with the progressive liberalisation of investment restrictions. Both domestic and foreign investors now benefit from key protection provisions under domestic law and international investment agreements. Particular attention is given to the regime for expropriation, as well as to the reform efforts made to protect intellectual property rights and to improve the access of foreign investors to land. The adjudication of investment disputes, including investor-state disputes, and Philippine investment treaty practice, including its relation with emerging ASEAN practice, are also addressed. The ongoing review of the existing investment treaties of the Philippines offers an opportunity for further modernising and harmonising Philippine investment policy.