Biz group bucks easier entry for foreign retailers

Government plans to lower the paid-up capital requirement for foreign retailers — to $200,000 from $2.5 million — have been criticized by the Philippine Chamber of Commerce and Industry (PCCI).

“The best is we stick to that [$ 2.5 million]. We need a baseline. The baseline is in both Europe and America. For small, it’s $ 2.5 million and that is small already for them,” PCCI President George T. Barcelon said during a press conference for the upcoming 43rd Philippine Business Conference.