THE Board of Investments (BOI) has preapproved the bid of Ikano Pte. Ltd., the operator and franchise-rights owner of Swedish furniture brand Ikea in key Asian markets, to enter the Philippine market. According to BOI documents, Ikano Pte Ltd. prequalified under the Retail Trade Liberalization Act of 2000 last November.

Before engaging in retail trade business or investing in an existing store in the Philippines, all foreign retailers must have a net worth of either $200 million or $50 million, depending on its classification as a foreign retailer under the Act.

The foreign retailer must also have five operating retail branches or franchises in global locations, unless it owns at least one store worth $25 million, and a five-year track record in retailing.

The net worth, track record, existence of branches of the applicant retailer’s parent company, its branches and subsidiaries, as well as its affiliate companies that may have a stake in the applicant’s operations will also be considered.

Earlier reports have floated the possibility of the iconic Scandinavian furniture retailer entering the Philippines as early as 2013, but so far, the furniture brand has yet to come in.