Expressing optimism over the prospects of retail following the further liberalization, Secretary Alfredo Pascual said the Department of Trade and Industry projects P56 billion worth of investments in the sector that will generate over hundreds of thousands of jobs.
In his speech at the Philippine Retailers Association (PRA) general membership meeting yesterday, Pascual reported the gross value added of retail rose to P600 billion in the first quarter of the year from P500 billion in 2018.
From 2018 to 2022, and even amid the COVID-19 pandemic, retail trade’s share in the country’s quarterly gross domestic product stood an average of 14.3 percent, Pascual said.
He also cited the database of the DTI’s Business Name Registration System which shows retail trade of various commodities includes more than 50 percent of the total business name registrations with 305,058 out of 574,322 new and renewal registrations as of July 5.
Pascual expressed hope retailers will take advantage of the amendments to Retail Trade Liberalization Act – which lowered the investment hurdle on foreign ownership – toward their growth.
Encouraging retailers to continue their digital transformation, Pascual said the DTI seeks to establish an e-Commerce Bureau, a “go-to” agency for matters to and for stakeholders of e-commerce. – Irma Isip
