MANILA, Philippines — Filipino entrepreneurs should be more worried about their business concepts rather than the proposal to further open up retail trade in the country, presidential adviser on entrepreneurship Joey Concepcion said.

“Am I totally against it? Whether it’s there or not, it doesn’t matter. It doesn’t bother me at all. So open it up,” Concepcion said.

“But is it going to be the end for our entrepreneurs? No, because to me, if their business concept is lousy, then it’s the end for them. It’s the business idea so they should not be scared. They (foreign brands) are all coming here whether we like it or not,” he said.

The government is planning to drastically lower the foreign capital limit for those who want to compete in the domestic retail market.

Socioeconomic Planning Secretary Ernesto Pernia said the government intends to further open up retail trade to drastically lower the foreign capital limit from the current $2.5 million to $200,000, a move in line with the easing of the Foreign Investment Negative List.

Pernia said allowing greater participation of foreign players in retail trade would increase competition that would push local companies to innovate and create better products.

This is supported by Concepcion, who said such move would provide more opportunities for more Filipino entrepreneurs.

“Those who are going to come here, they are going to tie up with local groups. So it can provide opportunities. Let’s says they come here in Manila, will they own every store? That’s very difficult. They don’t know the terrain,” he said.