Share this on:
 E-mail
6
VIEWS
0
COMMENTS
 
SHARES
About this iReport
  • Not verified by CNN

  • Click to view omeroscar's profile
    Posted August 16, 2014 by
    omeroscar
    Location
    Manila

    More from omeroscar

    100% ownership to foreign investors pushed

     
    A PHILIPPINE lawmaker on Saturday said she has filed a bill granting 100 percent ownership to foreign capitalists who will engage in retail business in the country.
    Rep. Giorgidi Aggabao of Isabela province said House Bill 4402 amends the Retail Trade Liberalization Law or Republic Act 8762 by removing the capital requirement provision of the retail trade law that prohibits foreign investors from owning wholly retail business in the Philippines.
    Aggabao said the bill seeks to address some of the perceived loopholes in the Retail Trade Liberalization Law, particularly in the capital requirement before a foreign entity may wholly own a retail establishment.
    "It proposes to do away with these restrictions by removing the equipment and capitalization requirements in the Retail Trade Liberalization Law in order to provide a more attractive and favorable investment climate in the country," Aggabao said.
    She said from 2000 to 2009, foreign direct investment (FDI) in retail and wholesale sector combined was only one percent of the total FDI.
    Under the bill, foreign capitalists may be allowed to wholly own a retail business in the country with a paid up capital of $2.5 to $7.5 million.
    Likewise, foreigners may wholly own enterprises specializing in high-end or luxury products with a paid-up capital of only $250,000 per store.

    What do you think of this story?

    Select one of the options below. Your feedback will help tell CNN producers what to do with this iReport. If you'd like, you can explain your choice in the comments below.
    Be and editor! Choose an option below:
      Awesome! Put this on TV! Almost! Needs work. This submission violates iReport's community guidelines.

    Comments

    Log in to comment

    iReport welcomes a lively discussion, so comments on iReports are not pre-screened before they post. See the iReport community guidelines for details about content that is not welcome on iReport.

    Add your Story Add your Story