MANILA - European businessmen on Wednesday backed economic managers' call to further liberalize several sectors of the economy to attract more foreign investment.
Foreign businessmen said among those that needed liberalization was retail trade, said European Chamber of Commerce in the Philippines (ECCP) board member Lars Wittig.
"This market is known worldwide, Filipinos are known as very important consumers," Wittig said in an interview with ANC's Market Edge.
Wittig said that firms are currently required to put up $2.5 million to get into retail and invest $250,000 for every store.
This discourages smaller brands from entering the Philippine retail market, he said.
The ECCP said retail must also be "more accessible" to smaller investors, he added.