By Inquirer.Net
The government has made it easier for foreign retailers to do business in the Philippines by lowering their paid-up capital requirement and removing certain qualifications for their operation in the country.
President Duterte signed Republic Act No. 11595 on Dec. 10, 2021, amending the Retail Trade Liberalization Act of 2000 (RA 8762), to allow foreign retailers to operate in the country with a minimum paid-up capital of only P25 million (about $500,000 at the current exchange rate), down from the original P125 million ($2.5 million).
The revised law, a signed copy of which was released to reporters on Thursday, also removed the requirement for foreign retailers to have a five-year track record in retailing, a $50-million to $200-million minimum net worth for their parent corporation, and five retailing branches or franchises in operation anywhere in the world.
P10M per store
Foreign retailers that have more than one physical store now need to invest only a minimum of P10 million per store. Previously, the investment required for establishing a store should not be less than $830,000 (about P41.5 million).
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