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President Rodrigo Roa Duterte and Congress were praised by Finance Secretary Carlos Dominguez III for enacting into law a measure endorsed by the Department of Finance (DOF) that aims to further liberalize the Philippine economy and attract more foreign direct investments (FDIs) and job creation.

“As we continue on our path to recovery, the economic liberalization bills that our lawmakers have passed or are considering will be critical in attracting much-needed foreign investments that will supercharge the economy and create a lot more jobs for Filipinos, especially at this time when the country is recovering from pandemic-induced global health and financial crises,” Dominguez said.

The President signed Republic Act (RA) No. 11595, amending the Retail Trade Liberalization Act (RTLA), into law in December, and the Palace announced it last week.

The terms of this measure, according to Dominguez, will simplify and ease barriers for foreign merchants wishing to open stores in the Philippines.

RA 11595 is one of three pro-investment bills backed by President Duterte and pushed through Congress by Dominguez and the rest of the Chief Executive’s economic team.

The Public Services Act (PSA) and the Foreign Investment Act (FIA) amendment bills are the other two (FIA).

The bicameral committee report on the FIA modifications was ratified by both Houses on Dec. 7, 2021, and is currently awaiting consideration by the President’s Office (OP).

Meanwhile, both the Senate and the House have passed their versions of the PSA amendment bill, but it still needs to go through bicameral proceedings before being certified by both chambers and sent to the President for his assent.

The minimum paid-up capital requirement for foreign firms wishing to do business in the Philippines has been reduced from PHP125 million to PHP25 million under RA 11595.

The qualifications were further reduced by eliminating the restrictions for net worth, number of retailing branches, and retailing track record.

“The revisions will greatly contribute in motivating international retailers to come in and generate jobs by decreasing the minimum paid-up capital and simplifying the qualification standards for foreign retailers.” This will increase enterprise competition, which will benefit our customers by delivering more options at lower, more competitive rates,” Dominguez added.

“These are good revisions from the previous law, which rewarded already-large businesses disproportionately, hindered varied smaller investors such as startups from entering the Philippine retail industry, and complicated compliance for overseas merchants,” he added.

The new rule also encourages overseas shops to maintain a stock inventory of Philippine-made goods.

“Despite being foreign-owned, this will assist protect our country’s tiny local manufacturers and encourage merchants to create chances for locally-made products.” “We hope that this will help create much-needed jobs and income for Filipinos,” Dominguez added.

He expressed gratitude to Congress for enacting the law and ensuring that it benefits the country and its citizens.

“We owe our legislators a debt of gratitude for their tenacity in passing the Retail Trade Liberalization Act changes. “We also look forward to continuing to collaborate with them on the passage of the two remaining economic liberalization laws,” he said.

Dominguez also praised the National Economic and Development Authority (NEDA), as well as the rest of the Cabinet’s Economic Development Cluster (EDC), for pressing for the passage of the economic liberalization laws.

“We appreciate President Duterte for approving the proposed law in a timely manner, and our colleague’s economic managers in the executive branch for leading the charge to further liberalize our economy,” he said.

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