(File photo)
MANILA – The German-Philippine Chamber of Commerce and Industry (GPCCI) said on Friday that it sees greater opportunities in opening stores in the country after the enactment of Republic Act 11595 or the retail trade liberalization (RTLA).
“We welcome the enactment of this historic reform. As the law addresses existing barriers to investment, we see massive opportunities for foreign retailers to participate in the Philippine market and will also help us further promote the country as an attractive investment destination,” said GPCCI executive director Christopher Zimmer in a statement.
GPCCI Chairman Stefan Schmitz noted that the RTLA would help the Philippines recover economically.
“To realize its full potential, we urge the Philippine government to pass the other economic bills, such as the amendments to (the) Foreign Investment Act and the Civil Service Act, as they complement (the) RTLA in further opening up the Philippine economy,” says Schmitz.
Signed into law by President Rodrigo Duterte in December last year, the RTLA reduces the paid-up capital required for foreign retailers planning to establish their stores in the Philippines from US$25 million (PHP125 million) to US$500,000 (25 million PHP).
The Department of Commerce and Industry and the National Authority for Economy and Development have been instructed to review the minimum paid-up capital required every three years.
The GPCCI is the official representation of German companies in the Philippines with around 300 members. (NAP)
