Philippine Retailers Association forecasts 1.4% GDP contribution increase in retail sector by 2024, driven by e-commerce growth, with calls for fair taxation on online competitors.
The Philippine Retailers Association (PRA) predicts the retail sector's GDP contribution will increase from 18.6% in 2022 to 20% by 2024, driven by online sales growth. However, traditional retailers face challenges due to the lack of taxes on online competitors. The PRA urges the government to implement a value-added tax on digital transactions to ensure fairness and has called for the swift passage of the Digital Transactions Act to regulate foreign online merchants.
September 01, 2024
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