President Rodrigo Roa Duterte and Congress were praised by Finance Secretary Carlos Dominguez III for…
With the new retail trade law, a German business group sees significant prospects.
After the enactment of Republic Act 11595, or the Retail Trade Liberalization Act, the German-Philippine Chamber of Commerce and Industry (GPCCI) announced Friday that it sees more chances in setting up shops in the country (RTLA).
“We applaud the passage of this historic legislation. We are seeing massive opportunities for foreign retailers to participate in the Philippine market as the law addresses existing investment barriers, and it will also help us further promote the country as an attractive investment destination,” GPCCI executive director Christopher Zimmer said in a statement.
Stefan Schmitz, President of the GPCCI, stated that the RTLA will aid the Philippines’ economic recovery.
“We urge the Philippine government to pass additional economic bills, such as revisions to (the) Foreign Investment Act and Public Service Act, as it complements (the) RTLA in further opening up the Philippine economy,” Schmitz added.
President Rodrigo Duterte signed the RTLA into law in December of last year, lowering the necessary paid-up capital for international retailers looking to open shops in the Philippines from USD25 million (PHP125 million) to USD500,000 (PHP25 million).
Every three years, the Department of Trade and Industry and the National Economic and Development Authority will evaluate the required minimum paid-up capital.
With around 300 members, the GPCCI is the official representation of German firms in the Philippines.