THE House of Representatives approved on second reading a bill seeking to further ease the entry of foreign players in the country’s retail trade sector.
House Bill 59 intends to lower the required minimum capital for foreign retail trade investors to $200,000 to make it easier for foreigners to invest in retail trade.
Under the current law, foreigners are barred from fully owning enterprises with a paid-up capital of less than $2.5 million.
Lowering the minimum paid-up capital will attract more foreign investments in the country’s retail sector, according to the sponsors of the bill.
Congressman Victor Yap, principal author of the bill, said the measure will lead also to a greater variety of products, more competitive local players, inflows of new technology, and more jobs for Filipinos.
Several foreign chambers have backed the measure, which amends the Retail Trade Liberalization Act of 2000. (ABS-CBN News)
