Japanese furniture retailer Nitori opens store in Phi

Japanese furniture retailer Nitori has opened its store in the Philippines, making it the first major investment to be made following the government's move to amend the Retail Trade Liberalization Act.

- LOUELLA DESIDERIO

Trade Secretary Alfredo Pascual said the opening of Nitori's first store in the country located in Mitsukoshi in Bonifacio Global City in Taguig is a significant milestone, as it is the "first major investment made under the (amended) Retail Trade Liberalization Act." The new law reduced the minimum paid-up capital for foreign retailers to P25 million from the previous requirement of $2.5 million or around P125 million to encourage more foreign investments into the country.