Local retailers are opposing a proposal that will easily allow foreign companies to penetrate the local retail sector. Philippine Retailers Association chairman emeritus Samie Lim said Filipino retailers would be at a disadvantage if the government lowered the foreign retail capitalization requirement to $200,000 from the current $2.5 million. A business $200,000 worth is just an SME in their country of origin. They also promised that after so many years of being here, these companies will divest a portion of their shares to the local retail sector. “This is just for show that we have 10 more investors worth $200,000 each.

Source: The Standard October 30, 2017 13:06 UTC