By Business World
The Philippine government has called on foreign retailers to promote Filipino-made products in their shops under the implementing rules and regulations (IRR) of the amended Retail Trade Liberalization Act (RTLA).
The IRR of the amended law was signed on March 9 by Trade Secretary Ramon M. Lopez, Socioeconomic Planning Secretary Karl Kendrick T. Chua, and Securities and Exchange Commission (SEC) Commissioner Emilio B. Aquino.
On Dec. 10 last year, President Rodrigo R. Duterte signed Republic Act No. 11595 that amended Republic Act No. 8762 or the RTLA.
Based on the amended law, the minimum paid-up capital of foreign retailers is reduced to P25 million from $2.5 million, while the minimum investment requirement per store was lowered to P10 million in a bid to entice more foreign investors into the Philippines.
Under Rule 5, Section 6 of the IRR, foreign retailers are encouraged to provide a stock inventory of products manufactured in the Philippines by implementing any of the initiatives such as the designation of a store space as Filipino section; use of locally made packaging materials such as bags, boxes, and containers; use of locally sourced raw materials in production; and other arrangements that will promote Filipino-made products.
Rule 9, Section 2 of the IRR also provided that the Department of Trade and Industry (DTI), National Economic and Development Authority (NEDA), and SEC will review the required minimum paid-up capital every three years from the effectivity of the amended law.
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