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BIG FOREIGN RETAILERS STILL INTERESTED IN THE PHILIPPINES.
MANILA, March 1 Asia Pulse - Big foreign retailers are still interested in the country, since the local industry is being considered as the country's growth driver aside from agriculture, although they give priority to China for their expansion programs.
Philippine Retailers Association president Roberto Claudio told reporters the big foreign retailers are expected to come in this year after the two year holding period where foreign retailers are prevented from establishing s wholly-owned retail firm lapses on March 25.
Under the Retail Trade Law, foreign retailers are allowed to own up to 60 per cent only of a retail establishment. But after March 25 this year, foreign retailers shall be allowed full ownership here.
"Perhaps, they are just waiting for the holding period to lapse this year," Claudio said.
"Big retailers like Wal-Mart and Carrefour have focused their expansions in China but they are still interested here," he said.
Wal-Mart, in fact is scrambling to put up 200 stores in China in two years which has a huge three billion population as against the Philippines' 70 million consumer base only.
He said the French Casino Group, Wal-Mart of U.S. and Carrefour of France are still in the inquiry stage while Orkram, the foreign investors in the local wholesaler Makro, Inc. has been approved to go into retail business.
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Source: HighBeam Research, BIG FOREIGN RETAILERS STILL INTERESTED IN THE PHILIPPINES.