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                                                                          Republic of the Philippines


                                                                          Congress of the Philippines


                                                                          Metro Manila


                                                                          Eleventh Congress


                                                                          Second Regular Session


                                                                          Begun and held in Metro Manila, on Monday, the twenty-sixth


                                                                          Day of July, nineteen hundred and ninety-nine


                                                                          Republic Act No. 8762


                                                                          RETAIL TRADE LIBERALIZATION ACT


                                                                          AN ACT LIBERALIZING THE RETAIL TRADE BUSINESS, REPEALING FOR THE


                                                                          PURPOSE REPUBLIC ACT NO.1180, AS AMENDED, AND FOR OTHER PURPOSES.


                                                                          SEC. 1. Title. - This Act shall be known as the “Retail Trade Liberalization Act of 2000.”


                                                                          SEC. 2. Declaration of Policy. - It is the policy of the State to promote consumer welfare in attracting,


                                                                          promoting and welcoming productive investments that will bring down prices for the Filipino consumer,


                                                                          create more jobs, promote tourism, assist small manufacturers, stimulate economic growth and enable


                                                                          Philippine goods and services to become globally competitive through the liberalization of the retail trade


                                                                          sector.


                                                                          Pursuant to this policy, the Philippine retail industry is hereby liberalized to encourage Filipino and foreign


                                                                          investors to forge an efficient and competitive retail trade sector in the interest of empowering the Filipino


                                                                          consumer through lower prices, higher quality goods, better services and wider choices.


                                                                          SEC. 3. Definition. - As used in this Act: “Retail Trade” shall mean any act, occupation or calling of


                                                                          habitually selling direct to the general public merchandise, commodities or goods for consumption, but the


                                                                          restrictions of this law shall not apply to the following:


                                                                          (a) Sales by a manufacturer, processor, laborer, or worker, to the general public the products


                                                                          manufactured, processed or produced by him if his capital does not exceed One hundred


                                                                          thousand pesos (P 100,000.00);


                                                                          (b) Sales by a farmer or agriculturist selling the products of his farm;


                                                                          (c) (c ) Sales in restaurant operations by a hotel owner or inn-keeper irrespective of the amount of


                                                                          capital: Provided, That the restaurant is incidental to the hotel business: and


                                                                          (d) Sales which are limited only to products manufactured, processed or assembled by a


                                                                          manufacturer through a single outlet, irrespective of capitalization.


                                                                          (2) “High-end or luxury goods” shall refer to goods which are not necessary for life maintenance and


                                                                          whose demand is generated in large part by the higher income groups. Luxury goods shall include, but


                                                                          are not limited to, products such as: jewelry, branded or designer clothing and footwear, wearing apparel,


                                                                          leisure and sporting goods, electronics and other personal effects. [where is (1)?]


                                                                          SEC. 4. Treatment of Natural -Born Citizen Who Has Lost His Philippine Citizenship. - A natural-born


                                                                          citizen of the Philippines who has lost his Philippine citizenship but who resides in the Philippines shall be


                                                                          granted the same rights as Filipino citizens for purposes of this Act.


                                                                          SEC. 5. Foreign Equity Participation. - Foreign-owned partnerships, associations and corporations


                                                                          formed and organized under the laws of the Philippines may, upon registration with the Securities and


                                                                          Exchange Commission (SEC) and the Department of Trade and Industry (DTI), or in case of foreignowned


                                                                          single proprietorships, with the DTI, engage or invest in the retail trade business, subject to the


                                                                          following categories:


                                                                          Category A - Enterprises with paid-up capital of the equivalent in Philippine Pesos of less than Two


                                                                          million five hundred thousand US dollars (US$2,500,000.00) shall be reserved exclusively for Filipino


                                                                          citizens and corporations wholly owned by Filipino citizens.


                                                                          Category B - Enterprises with a minimum paid-up capital of the equivalent in Philippine Pesos of Two


                                                                          million five hundred thousand US dollars (US$2,500,000.00) but less than Seven million five hundred


                                                                          thousand US dollars (US$7,500,000.00) may be wholly owned by foreigners except for the first two (2)


                                                                          years after the effectivity of this Act wherein foreign participation shall be limited to not more than sixty


                                                                          percent (60%) of total equity.


                                                                          Category C - Enterprises with a paid-up capital of the equivalent in Philippine Pesos of Seven million five


                                                                          hundred thousand US dollars (US$ 7,500,000.00) or more may be wholly owned by foreigners Provided,


                                                                          however, That in no case shall the investments for establishing a store in Categories B and C be less


                                                                          than the equivalent in Philippine Pesos of Eight hundred thirty thousand US dollars (US$830,000.00).


                                                                          Category D - Enterprises specializing in high-end or luxury products with a paid -up capital of the


                                                                          equivalent in Philippine Pesos of Two hundred fifty thousand US dollars (US$250,000.00) per store may


                                                                          be wholly owned by foreigners.


                                                                          The foreign investor shall be required to maintain in the Philippines the full amount of the prescribed


                                                                          minimum capital, unless the foreign investor has notified the SEC and the DTI of its intention to repatriate


                                                                          its capital and cease operations in the Philippines. The actual use in Philippine operations of the inwardly


                                                                          remitted minimum capital requirement shall be monitored by the SEC.


                                                                          Failure to maintain the full amount of the prescribed minimum capital prior to notification of the SEC and


                                                                          the DTI, shall subject the foreign investor to penalties or restrictions on any future trading


                                                                          activities/business in the Philippines.


                                                                          Foreign retail stores shall secure a certification from the Bangko Sentral ng Pilipinas (BSP) and the DTI,


                                                                          which will verify or confirm inward remittance of the minimum required capital investment.


                                                                          SEC. 6. Foreign Investors Acquiring Shares of Stock of Local Retailers. - Foreign investors acquiring


                                                                          shares from existing retail stores whether or not publicly listed whose net worth is in excess of the peso


                                                                          equivalent of Two million five hundred thousand US dollars (US$2,500,000.00) may purchase only up to a


                                                                          maximum of sixty percent (60%) of the equity thereof within the first two (2) years from the effectivity of


                                                                          this Act and thereafter, they may acquire the remaining percentage consistent with the allowable foreign


                                                                          participation as herein provided.


                                                                          SEC. 7. Public Offering of Shares of Stocks. - All retail trade enterprises under Categories B and C in


                                                                          which foreign ownership exceeds eighty percent (80%) of equity shall offer a minimum of thirty percent


                                                                          (30%) of their equity to the public through any stock exchange in the Philippines within eight (8) years


                                                                          from their start of operations.


                                                                          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) A minimum of Two hundred million US dollars (US$200,000,000.00) net worth in its parent


                                                                          corporation for Categories B and C, and Fifty million US dollars (US$50,000,000.00) net worth in


                                                                          its parent corporation for Category D;


                                                                          (b) 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$25,000,000.00);


                                                                          (c) Five (5)-year track record in retailing; and


                                                                          (d) 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 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.


                                                                          SEC. 9. Promotion of Locally Manufactured Products. - For ten (10) years after the effectivity of this


                                                                          Act, at least thirty percent (30%) of the aggregate cost of the stock inventory of foreign retailers falling


                                                                          under Categories B and C and ten percent (10%) for Category D shall be made in the Philippines.


                                                                          SEC. 10. Prohibited Activities of Qualified Foreign Retailers. - Qualified foreign retailers shall not be


                                                                          allowed to engage in certain retailing activities outside their accredited stores through the use of mobile or


                                                                          rolling stores or carts, the use of sales representatives, door-to-door selling, restaurants and sari-sari


                                                                          stores and such other similar retailing activities: Provided, That a detailed list of prohibited activities shall


                                                                          hereafter be formulated by the DTI.


                                                                          SEC. 11. Implementing Agency; Rules and Regulations. - The monitoring and regulation of foreign


                                                                          sole proprietorships, partnerships, associations, or corporations allowed to engage in retail trade shall be


                                                                          the responsibility of the DTI. This shall include resolution of conflicts.


                                                                          The DTI, in coordination with the SEC, the NEDA and the BSP shall formulate and issue the


                                                                          implementing rules and regulations necessary to implement this Act within ninety (90) days after its


                                                                          approval.


                                                                          SEC. 12. Penalty Clause. - Any person who shall be found guilty of violation of any provision of this Act


                                                                          shall be punished by imprisonment of not less than six (6) years and one (1) day but not more than eight


                                                                          (8) years, and a fine of not less than One million pesos (P1,000,000.00) but not more than Twenty million


                                                                          pesos (P20,000,000.00). In the case of associations, partnerships or corporations, the penalty shall be


                                                                          imposed upon its partners, president, directors, manager and other officers responsible for the violation. If


                                                                          the offender is not a citizen of the Philippines, he shall be deported immediately after service of sentence.


                                                                          If the Filipino offender is a public officer or employee, he shall, in addition to the penalty prescribed


                                                                          herein, suffer dismissal and permanent disqualification from public office.


                                                                          SEC. 13. Repealing Clause. - Republic Act No. 1180, as amended, is hereby repealed. Republic Act No.


                                                                          3018, as amended, and all other laws, executive orders, rules and regulations or parts thereof


                                                                          inconsistent with this Act are repealed or modified accordingly.


                                                                          SEC. 14. Separability Clause. - If any provision of this Act shall be held unconstitutional, the other


                                                                          provisions not otherwise affected thereby shall remain in force and effect.


                                                                          SEC. 15. Effectivity. - This Act shall take effect fifteen (15) days after its approval and publication in at


                                                                          least two (2) newspapers of general circulation in the Philippines.


                                                                          Approved,


                                                                          (Sgd) MANUEL B. VILLAR, JR. (Sgd) BLAS F. OPLE


                                                                          Speaker of the House of Representative President of the Senate


                                                                          This Act, which is a consolidation of Senate Bill No. 153 and House Bill No. 7602, was finally passed by


                                                                          the Senate and House of Representatives on February 15, 2000.


                                                                          ROBERTO P. NAZARENO HEZEL P. GACUTAN


                                                                          Secretary General House of Representatives Secretary of the Senate


                                                                          Approved:


                                                                          (Sgd) JOSEPH E. ESTRADA


                                                                          President of the Philippines

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