Qualifications of Foreign Retailers.
Section 8
SEC. 8. Qualifications of Foreign Retailers. - No foreign retailer shall be allowed to engage in retail trade in the Philippines unless all the following qualifications are met: A minimum of Two hundred million US dollars (US$200,000,000) net worth in its parent corporation for Categories B and C, and Fifty million US dollars (US$50,000,000) net worth in its parent corporation for Category D; Five (5) retailing branches or franchises in operation anywhere around the world unless such retailer has at least one (1) store capitalized at a minimum of Twenty-five million US dollars (US$25,000,000); Five (5)-year track record in retailing; and Only nationals from, or juridical entities formed or incorporated in countries which allow the entry of Filipino retailers shall be allowed to engage in retail trade in the Philippines. The DTI is hereby authorized to pre-qualify all foreign retailers, subject to the provisions of this Act, before they are allowed to conduct business in the Philippines. The DTI shall keep a record of qualified foreign retailers who may, upon compliance with law, establish retail stores in the Philippines. It shall ensure that the parent retail trading company of the foreign investor complies with the qualifications on capitalization and track record prescribed in this section. The Inter-Agency Committee on Tariff and Related Matters of the National Economic and Development Authority (NEDA) Board shall formulate and regularly update a list of foreign retailers of high-end or luxury goods and render an annual report on the same to Congress.