Senate OKs bill amending retail trade liberalization law

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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…

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