Swedish retail giant IKEA has obtained the Board of Investments’ nod to set up shop in the Philippines.
According to BusinessMirror, Ikano Pte. Ltd., the operator and franchise holder of Ikea in Asia prequalified to enter the Philippine market.
Under the Retail Trade Liberalization Act of 2000, all foreign retailers must have a minimum networth of $200 million or $50 million depending on their classification.
The law also states that the foreign retailer must have five operating retail branches overseas and a five-year track record in retailing.
Ikea designs and sells ready-to-assemble furniture (such as beds, chairs, and desks), appliances and home accessories. In Asia, it has stores in Hong Kong, Japan and Singapore.
