Senate of the Philippines (Senate PRIB)
Senators voted to pass on Wednesday, May 19, Senate Bill No. 1840, which proposes to amend the Retail Liberalization Act of 2000 (Republic Act No. 8762) and lower the required paid-up capital of foreign retail businesses.
President Duterte earlier certified the bill as urgent, with government economic and finance managers saying it will encourage the entry of investors and further boost economic recovery following the COVID-19 pandemic.
The bill sets a minimum paid-up capital of P50 million for foreign retailers who want to engage or invest in the retail trade business. The current law sets the required capital at US$2.5 million, or its equivalent in Philippine peso.