Roxas said there used to be 10 world-sized retailers, but since several firms have folded up or merged, there are only three major players.
Roxas cited the case of K-Mart, which recently declared bankruptcy, while Federated and Macy’s have merged.
Roxas had hoped that the passage of the Retail Trade Liberalization Law would encourage international retailers to come to the Philippines and invest.
Such hope, however, was only partially realized as there have only been two applicants — S&R Price Club and Watsons — since the law came into effect in 1999.
McDonalds USA also applied under the law only to take over its existing franchise operations in the country.
There had been other interested retailers such as the French Carrefour and Casino group. Carrefour had held talks with Rustans while Casino was eyeing a tie-up with Uniwide Sales.
The two French groups later on back out and have not indicated any desire to enter the country through other retailers.
Roxas said the US-based Wal-Mart group was interested in investing in the country but nothing concrete has materialized thus far.