The Philippine Senate had decided on May 19, to increase the minimum investment for a foreign retailer to enter the Philippine market from USD$300,000 (P15, 000,000) to USD$1,000,000 (P50, 000,000), together with the provision that each store will have a USD$500,000 (P25, 000,000) minimum investment as indicated in the proposed Senate Bill No. 1840 – Amending the Retail Trade Liberalization Law of 2000. This amendment was passed on a vote of 20 affirmative with no objection or abstention.
The Philippine Retailers Association (PRA) representing the retail industry in the country and led by Chairman Atty. Paul Santos and Vice Chairman Roberto Claudio, expressed their gratitude to the Philippine Senate for recognizing and supporting the retail industry, especially the MSME’s who represent 96% of registered businesses in the Philippines — “Our micro, small, and medium retail operators all over the country will be the biggest beneficiary of this update to the proposed amendment of the Retail Lib law”, Santos said.
Claudio acknowledged Senators Riza Hontiveros, Koko Pimentel, and Ralph Recto who supported the cause of the retail industry and other senators who signified their intention to co-author the revised Senate Bill 1840. With the approval of SB 1840, the PRA welcomes foreign investments in retail without sacrificing the Micro, Small & Medium enterprises.