Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Investing News

Retailers urged to sustain digital transformation

by
July 7, 2022
in Investing News
0
Retailers urged to sustain digital transformation
0
SHARES
14
VIEWS
Share on FacebookShare on Twitter
PHILIPPINE STAR/ MICHAEL VARCAS

TRADE Secretary Alfredo E. Pascual said retailers must continue their digital transformation to ride the wave of e-commerce that gained momentum during the pandemic.

Mr. Pascual said during the Philippine Retailers Association second quarter general membership meeting in Makati City on Thursday that retailers need to seize the opportunity in digital as online transactions rise.

“I encourage you to continue engaging in digital transformation. The government has been working to ease and widen retailers’ adoption of the digital economy. Government efforts on policy are guided by e-commerce as ‘easy commerce’ — safe, reliable, easy, and efficient everywhere. We don’t want digital platforms to be difficult for all involved, including merchants and consumers,” he added.

Mr. Pascual described digital merchant payments as a critical tool for facilitating transactions, especially for small businesses.

“I think if we are able to digitalize the operations of sari-sari stores or other similar small retailers, we will be able to build up a database that could eventually be the basis for banks (to evaluate) the creditworthiness of small retailers,” Mr. Pascual said.

Mr. Pascual said the DTI projects that P56 billion worth of additional foreign investment and over hundreds of thousands of jobs will be generated five years from the enactment of the amended Retail Trade Liberalization Act.

On Dec. 10 last year, former President Rodrigo R. Duterte signed Republic Act No. 11595 that amended Republic Act No. 8762, or the Retail Trade Liberalization Act.

Under the amended law, the minimum paid-up capital of foreign retailers was reduced to P25 million from $2.5 million, while the minimum investment requirement per store was lowered to P10 million in order to attract more foreign investors.

“By simplifying the requirements of foreign entry, the law allows our country to be more competitive, facilitate more foreign equity into the retail trade industry, and generate greater economic and employment benefits. Liberalizing retail trade does not only encourage more investors to the country, but it also helps create a more competitive environment,” Mr. Pascual said.

Mr. Pascual said that the DTI remains positive about growth in the retail industry, and asked retailers to help safeguard consumer interests.

He promised to ensure the availability of basic and prime commodities “at affordable prices” and to “closely monitor prices… so that there is no manipulation, there is no profiteering, there is no hoarding, and there is no cartelization, and when needed, negotiating with manufacturers and producers.” — Revin Mikhael D. Ochave  

ShareTweetPin

Related Posts

Stocks decline on profit taking, recession fears
Investing News

Stocks decline on profit taking, recession fears

August 23, 2022
Peso climbs vs dollar as RTB offer starts
Investing News

Peso climbs vs dollar as RTB offer starts

August 23, 2022
PNR cancels bids for 3 projects after finding them ‘non-feasible’
Investing News

PNR cancels bids for 3 projects after finding them ‘non-feasible’

August 23, 2022
Senate grills Rodriguez on approval procedures for sugar import order
Investing News

Senate grills Rodriguez on approval procedures for sugar import order

August 23, 2022
Trade dep’t expecting sugar price monitoring report by Friday
Investing News

Trade dep’t expecting sugar price monitoring report by Friday

August 23, 2022
Fisherfolk seek halt to reclamation on municipal fisheries
Investing News

Fisherfolk seek halt to reclamation on municipal fisheries

August 23, 2022
Next Post
Maritime regulator working to ensure adoption of international safety, energy efficiency norms

Maritime regulator working to ensure adoption of international safety, energy efficiency norms

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

Inflation likely quickened in July

Inflation likely quickened in July

July 31, 2022
Clinical Germany defeats Spain, 2-0, to roll into quarterfinals

Clinical Germany defeats Spain, 2-0, to roll into quarterfinals

July 13, 2022
Oh mother, Tomljanović downs Cornet in rollercoaster

Oh mother, Tomljanović downs Cornet in rollercoaster

July 5, 2022
Beijing tests millions over COVID cluster at 24-hour bar

Beijing tests millions over COVID cluster at 24-hour bar

June 13, 2022
10 things to watch in energy, the budget, and taxes

10 things to watch in energy, the budget, and taxes

August 22, 2022
Russian oligarchs’ citizenship bids face scrutiny in Portugal

Russian oligarchs’ citizenship bids face scrutiny in Portugal

July 24, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.