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Gatchalian to gov’t: Shut down foreign-owned businesses violating law

By: - Reporter / @DYGalvezINQ
/ 11:29 AM May 08, 2019

MANILA, Philippines — The government must act swiftly to shut down foreign-owned businesses found to be violating laws that prioritize Filipinos in businesses, Senator Sherwin Gatchalian urged Wednesday.

The senator made the remark in light of social media posts about a restaurant in Alabang, Muntinlupa City, that bars Filipinos from its premises as it only caters to Chinese workers. Several convenience stores owned by Chinese nationals in cities Makati and Pasay were reported not welcoming Filipinos.

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He cited laws that, he said, are safeguards against encroachment of foreigners on the market space, including Republic Act (RA) No. 7042 or the Foreign Investments Act of 1991 and RA 8762 or the Retail Trade Liberalization Act of 2000.

“Kung mapatunayan man na may mga businesses na pagmamay-ari ng mga dayuhan na lumalabag sa mga batas na ito ay dapat lamang na kumilos agad ang mga concerned government agencies upang mapasara agad ang mga ito,” Gatchalian said in a statement.

“We need to protect the interests of both Filipino consumers and Filipino business owners,” he added.

He explained that RA 7042 requires small and medium-sized domestic market enterprises — including restaurants — with a paid-in equity capital less than $200,000 are reserved to Philippine nationals.

Meanwhile, RA 8762, he said, states that retail businesses like convenience or variety stores with paid-up capital of less than $2,500,000 should be reserved exclusively for Filipino citizens and corporations wholly owned by Filipinos.

“I have always maintained that what should be exclusively for the Filipino should be for the Filipino,” he said. /muf

RELATED STORY:  Shut down Chinese-only businesses, Lacson urges

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TAGS: Chinese, Foreign Investments Act of 1991, foreign owned business, Gatchalian, workers
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