THE opening of Nitori's store in the Philippines marked the first major investments to be made under the Retail Trade Liberalization Act, said Trade Secretary Alfredo Pascual.

As one of Japan's furniture and home furnishing chains, the Department of Trade and Industry (DTI) said that Nitori's launch in the Philippines boosts the economic partnership between the Philippines and Japan.

"Nitori's commitment to the Philippine market and its potential for expansion mutually benefits the company and our country. Therefore, we encourage Nitori to make the Philippines the base source of its locally manufactured products," said Pascual during Nitori's opening on Thursday in Taguig City.

He said this marked the first major investments to be made under the Retail Trade Liberalization Act (RTLA).

The passage of the amendment to the RTLA "created new momentum for our efforts to attract investment and create a more conducive business environment for Japanese companies like Nitori."

"Filipinos can now experience Nitori's renowned quality and competitive prices on household products and personal items firsthand. The investment and job creation that come with such an expansion are precious to the Philippines' robust economic development," said Pascual.

The DTI said that the company expressed its commitment to the Philippines with a Letter of Intent signed during the Presidential Visit to Japan in December 2023.

The Board of Investments (BoI) and the Philippine Trade and Investment Center-Tokyo (PTIC-Tokyo) began engaging with Nitori in 2015 as a VIP Buyer at the Manila FAME, a trade exhibition for home furnishing.

The PTIC-Tokyo continued discussions, exploring trade opportunities and potential investments in the Philippines.

Meanwhile, the BoI further solidified the relationship by facilitating a meeting at Nitori's headquarters during a strategic investment promotion mission to Japan in November 2022.

Nitori has opened 822 stores in Japan and 179 in foreign countries worldwide, including China, Hong Kong, Taiwan, Korea, Malaysia, Singapore, Thailand and Vietnam.

Following the BGC branch, the company plans to expand its network of stores by opening 50 outlets by the end of 2032.

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