As much as US$15 billion in foreign investment in Philippine listed companies could retreat overseas if new rules on foreign investment drafted by the Securities and Exchange Commission and circulated for comment go into effect, analysts say. The draft rules, which came about after the Philippine Supreme Court ordered the SEC to come up with new guidelines, actually would further complicate and limit access by foreign investors to the Philippine economy at a time when the country badly needs foreign investment to meet its burgeoning infrastructure needs, critics say.