5 PRA NEWS UPDATES PHILIPPINE RETAILING
The Outstanding Filipino Retailers ( OFR ) Awards Return for 2024 !
By Mayan Sangil , PRA
The highly anticipated return of the Outstanding Filipino Retailers ( OFR ) Awards is here ! Following the resounding success of last year ’ s OFR Special Edition , we ’ re ecstatic to announce the grand comeback of this prestigious event , poised to be better and more relevant than ever before .
Presented by the Philippine Retailers Association ( PRA ) in collaboration with the Department of Trade and Industry ( DTI ), the OFR Awards shine a spotlight on the remarkable achievements and innovations within the retail industry in the Philippines . It ’ s a stage where outstanding achievements in sustainability efforts ,
Philippine Retailers Association Advocates for Removal of De Minimis Value in Philippine Import Goods
By Mayan Sangil , PRA
The Philippine Retailers Association ( PRA ) has released a compelling position paper urging policymakers to reevaluate and remove the De Minimis Value in Philippine import goods , particularly concerning online retail purchases .
In the position paper , the PRA highlights the evolving landscape of global trade , emphasizing the need for continuous policy review to ensure effectiveness and fairness to all stakeholders . The De Minimis concept in trade , originally aimed at streamlining trade processes and facilitating commerce , has come under scrutiny amidst the rapid growth of e-commerce and globalization .
According to the PRA , the current De Minimis value in the Philippines , which exempts imported goods valued at P10,000 or below from duties and taxes , creates an uneven tax landscape , especially concerning the growing amount of foreign e-commerce transactions . This current policy not only distorts the competitive playing field in the retail sector but also poses risks such as the proliferation of counterfeit items and substandard products . technological breakthroughs , creativity , and best ethical business practices take center stage .
At the heart of the OFR Awards lies a commitment to recognizing and honoring visionary retailers who are not only shaping the landscape of Philippine retail but also setting new benchmarks for sustainability , innovation , social corporate responsibility , and creativity . By showcasing their achievements , we aim to inspire and ignite a culture of continuous improvement and development across the industry .
This year includes an array of revamped categories designed to spotlight the best of the best : Sustainability Award Retail Innovation in Business Process Retail Innovation on Digital Transformation Retail Innovation on Store Design & Merchandising Retail Employer Award Mall Innovation Award Sustainable Shopping Center Design Award
These coveted awards are exclusively open to all PRA member retailers , malls & shopping centers . For more information about this new set of categories and criteria , visit our website at https :// philretailers . com / ofr /
Award nominations and applications are now open ! Submit your entries by July 19 , 2024 , to be part of this prestigious event . Stay connected with us on social media and subscribe to our pages for all the latest updates and announcements . Don ’ t miss out on any crucial information !
Economic Considerations : The surge in tax-exempt imported goods , particularly driven by the booming e-commerce sector , deprives the government of substantial revenue and undermines fair tax principles .
Fairness and Equity : The current policy creates an unfair competitive advantage for local retailers who diligently fulfill their tax obligations , as opposed to foreign merchants conducting business through e-commerce platforms who may not adhere to the same tax requirements . This discrepancy results in negative distributional effects across various industries , not just within the retail sector in the country .
Safety and Security : The removal of the De Minimis Value is crucial to address the influx of counterfeit and substandard products into the Philippines , safeguarding consumer safety and upholding product quality standards .
Alignment with International Policies : Benchmarking against global standards and best practices , such as those in the EU and the USA , offers numerous advantages in trade facilitation , competitiveness , and consumer protection .
The PRA strongly urges policymakers to carefully consider the removal of the De Minimis Value as a strategic measure to promote economic development , fairness , and consumer safety . Emphasizing the significance of comprehensive policy review and essential reforms , the association aims to enhance the competitiveness of local industries and pave the way for a sustainable and prosperous future for the Philippines .
The PRA ’ s position paper outlines several arguments supporting the removal of the De Minimis Value :