The amended Retail Trade Liberalization Act is expected to haul in P56 billion in additional foreign investments into the country in five years and generate thousands of jobs, Trade and Industry Secretary Alfredo E. Pascual said.
“Liberalizing retail trade does not only encourage more investors to the country, but it also helps create a more competitive environment,” he said urging local retailers to take advantage of the RTLA amendments and the incoming investments to further their growth. Local investors, he said, can also partner with foreign companies under the law.
In addition, Pascual said the country’s domestic retail industry has contributed more than P600 billion in gross value added to the local economy in the first quarter this year from P500 billion in 2018 with retailers accounting for more than half of business registration at the DTI. Pascual told businessmen the industry is expected to rebound for the rest of the year.
According to Pascual, more than 50 percent of total business name registrations were retail operations with 305,058 out of 574,322 new and renewal registrations as of July 5th. Other business name registrations involved vehicle and vehicle parts.
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