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MANILA - UK food retailer Tesco has expressed interest in putting up a store in Manila, according to government sources, the Asia Africa Intelligence Wire reports.
Sources said the move to invest in the Philippines is part of Tesco's overall plan to penetrate the huge Southeast Asian market. The company has said it sees good investment prospects in the region.
Tesco already has been successful in opening in new growth markets like Central Europe and Asia. The company currently operates in Hungary, Poland, Greece, Czech Republic, Slovak Republic, Thailand, South Korea, Taiwan and republic of Ireland.
In a bid to attract investors into the country, the Philippine government in 2000 approved the Retail Liberalization Law, which allows foreign retailers to enter the domestic market.
So far, the government has attracted several foreign firms such as American discount shop operator PriceSmart and Hong Kong retailer Watsons.