MANILA, Jan 14 (Mabuhay) — The German-Philippine Chamber of Commerce and Industry (GPCCI) said Friday it sees greater opportunities in putting up shops in the country after the enactment of Republic Act 11595 or the Retail Trade Liberalization Act (RTLA).
“We welcome the enactment of this landmark reform. As the law addresses the existing investment barriers, we are seeing 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,” GPCCI executive director Christopher Zimmer said in a statement.
President of GPCCI, Stefan Schmitz, noted that the RTLA would help the Philippines in economic recovery.
“To fully realize its potential, we urge the Philippine government to pass the other economic bills, such as the amendments to (the) Foreign Investment Act and Public Service Act as it complements (the) RTLA in further opening up the Philippine economy,” Schmitz said.
Signed into law by President Rodrigo Duterte in December last year, the RTLA reduces the required paid-up capital for foreign retailers eyeing to establish their shops in the Philippines from USD25 million (PHP125 million) to USD500,000 (PHP25 million).
The Department of Trade and Industry and the National Economic and Development Authority have been tasked to review the required minimum paid-up capital every three years.
The GPCCI is the official representation of German businesses in the Philippines with about 300 members. (MNS)