MANILA, Philippines — The Senate on Wednesday approved on third and final reading a bill seeking to lower the required paid-up capital for foreign retail enterprises before they can enter the Philippine market.
Voting 20-0-0, the upper chamber passed Senate Bill No. 1840, which seeks to amend the Retail Trade Liberalization Act of 2000, in a bid to open up the economy to more foreign investors.
The current retail trade law requires foreign retailers to have a minimum paid-up capital investment of $2.5 million before they can enter the country’s market.
Under the bill, senators agreed to lower that requirement to only P50 million or approximately $1 million.
The amount i…
Keep on reading: Senate OKs bill amending retail trade liberalization law