By Malaya
Expressing optimism over the prospects of retail following the further liberalization, Secretary Alfredo Pascual said the Department of Trade and Industry projects P56 billion worth of investments in the sector that will generate over hundreds of thousands of jobs.
In his speech at the Philippine Retailers Association (PRA) general membership meeting last July 7, Pascual reported the gross value added of retail rose to P600 billion in the first quarter of the year from P500 billion in 2018.
From 2018 to 2022, and even amid the COVID-19 pandemic, retail trade’s share in the country’s quarterly gross domestic product stood an average of 14.3 percent, Pascual said.
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