Iolators May Face Imprisonment Of Not Less Than Four To Six Years Anda Fine Php1 Million But More Php5 In The Case Partnerships News Today : Breaking News, Live Updates & Top Stories | Vimarsana

(File photo) MANILA - President Rodrigo Duterte has signed into law a measure that would further open up the Philippine retail sector to more foreign retail businesses by lowering their required paid-up capital. Republic Act (RA) 11595, which amends RA 8762, also known as the Retail Liberalization Act of 2000, was signed by Duterte on Dec. 10, 2021, and was released to reporters on Thursday. Duterte earlier certified the bill as urgent as part of efforts to encourage the entry of more investors and further boost economic recovery amid the prevailing coronavirus disease 2019 (Covid-19) pandemic. Under the law, "a foreign retailer shall have a minimum paid-up capital of PHP25 million." The current law sets the required capital at USD2.5 million or PHP119.67 million. The law also mandates the entry of foreign retailers coming from countries that do not prohibit the entry of Filipino retailers. In the case of foreign retailers engaged in retail trade through more than one physica ....

Rodrigo Duterte , Exchange Commission , Senate On , National Economic , Development Authority , Retail Liberalization Act , Representatives Bill , Senate Bill , Ile Photo Manila President Rodrigo Duterte Has Signed Into Lawa Measure That Would Further Open Up The Philippine Retail Sector To More Foreign Businesses By Lowering Their Required Paid Capital Republic Act Ra 11595 , Hich Amends Ra 8762 , Lso Known As The Retail Liberalization Act Of 2000 , As Signed By Duterte On Dec 10 , Nd Was Released To Reporters On Thursday Duterte Earlier Certified The Bill As Urgent Part Of Efforts Encourage Entry More Investors And Further Boost Economic Recovery Amid Prevailing Coronavirus Disease 2019 Covid 19 Pandemic Under Law , Uota Foreign Retailer Shall Havea Minimum Paid Up Capital Of Php25 Million Quot The Current Law Sets Required At Usd2 5 Or Php119 67 Also Mandates Entry Retailers Coming From Countries That Do Not Prohibit Filipino In Case Engaged Retail Trade Through More Than One Physical Store , He Minimum Investment Per Store Must Be At Least Php10 Million Quot Provided That This Requirement Shall Not Apply To Foreign Investors And Retailers Who Are Legitimately Engaged In Retail Trade Were Required Comply With The Time Of Effectivity Act Department Industry , Securities And Exchange Commission , Nd The National Economic And Development Authority Shall Review Required Minimum Paid Up Capital Every Three Years Their Recommendations Should Be Submitted To Congress Foreign Retailers Are Encouraged Havea Stock Inventory Of Products That Made In Philippines As For Penalties , Iolators May Face Imprisonment Of Not Less Than Four To Six Years Anda Fine Php1 Million But More Php5 In The Case Partnerships , R Corporations , He Penalty Shall Be Imposed Upon Its Partners , General Manager , Nd Other Officers Responsible For The Violation If Offender Is Nota Citizen Of Philippines , E Or She Shall Be Deported Immediately After The Service Of Sentence If Filipino Offender Isa Public Officer Employee , E Or She Shall , N Addition To The Penalty Prescribed , Uffer Dismissal And Permanent Disqualification From Public Office Ra 11595 Isa Consolidation Of House Representatives Bill 59 Senate 1840 Passed By The On September 21 20 Last Year ,