Wal-Mart to enter Philippines

Wal-Mart to enter Philippines

MANILA (Dow Jones): Philippine Trade Secretary Manuel Roxas
said Wednesday Wal-Mart Stores Inc. (WMT) has finally decided to
invest in the country, the U.S. retailer's first investment in
Asia.

"They're still negotiating with a potential local partner, but
they are prepared to come in on their own," said Roxas, who
accompanied Wal-Mart officials in their meeting with President
Gloria Macapagal-Arroyo Monday.

Roxas said the government is hopeful of convincing Wal-Mart to
invest in other sectors of the economy besides retailing,
including establishing a regional headquarters in Manila.

Wal-Mart already buys some $60 million worth of Philippine
products.

Wal-Mart will be the second major foreign retailer to invest
in the country since the sector was openned to foreign investors
last year.

U.S.-based membership-shopping warehouse operator PriceSmart
Inc.is scheduled to open an outlet this year in the Philippines.
This will be its third outlet in Asia.