March 19, 2018
Rep.Ferjenel G. Biron, M.D.
Chairman, Committee on Trade & Industry
House of Representatives
Re: HB 4595
We support the proposed measure for the following reasons:
1. No wholly owned Filipino retailers is prejudiced by the Bill. According to Forbes magazine recent data, there are 12 Filipino families that own at least one fifth of the country?s wealth. Most of these Filipino retailers? core businesses are in the retail industry. Except for 7-11, most foreign retailers that invested in the country were bought out of the market by the mega rich Filipino retailers.
2. Foreign retailers should know the Philippine market well. Filipinos who patronize and buy these foreign brands abroad are likely to compete well and good with the Filipino retailers when they invest in the country.
3. Foreign retailers are encourage to invest in good and quality intermediate products like flour that are used in the bakery industry. This shall allow consumers additional access to reasonable and lower priced bread products.
4. The growing penetration of the retail market by E- commerce retailers and merchants serve to circumvent the present law. Access to goods and services are borderless. Franchising of foreign brands is another example of the circumvention of the current retail trade law .
5. Foreign retailers should recognize that Filipino consumers enjoy rights and protection under provisions of relevant consumer protection laws.
Thank you very much.
Very truly yours,
Atty. Victorio Mario A. Dimagiba, AB, LLB, LLM
Removal of investment caps of Foreign Retailers
March 19, 2018