The Department of Trade and Industry (DTI) welcomed the ratification of the Fair Competition Act saying that it will impact and cut across major industries and sectors of the Philippine economy and level the playing field for all businesses, and provide consumers a wider range of products and services.
“The Fair Competition Act is one of the several economic reforms and policies needed to unleash our true economic potential and essential in sustaining the country’s robust economic growth. This piece of legislation will bring us closer to enhancing the readiness and competitiveness of the various sectors of the economy to seize opportunities of ASEAN economic integration. By reinforcing efforts to safeguard competitive conditions, our local businesses, particularly micro, small and medium enterprises (MSMEs), will continue to flourish in both local and global markets,” according to Trade and Industry Undersecretary Adrian S. Cristobal Jr.
The Fair Competition Act, following the approval of its respective versions in both Houses of Congress, is now ready for the signature of President Benigno Aquino III. Among its key provisions is the creation of an independent Philippine Competition Commission tasked to regulate and rule on cases involving practices such as anti-competitive acts, cartelization, and bid riggings. It is considered a landmark measure, first filed in the 8th Congress, and ratified two decades later by the 16th Congress.
According to Cristobal, the adoption and enforcement of a competition law will ensure that the country’s economic successes in terms of deregulation, privatization and the removal of counterproductive trade barriers will be reinforced.
“It is necessary for us to implement policies to curb unfair and uncompetitive practices that hamper fair competition in the Philippines. We want to improve and sustain the status of trade and commercial activities in the country – promoting Filipino entrepreneurial spirit, encourage meaningful investments and facilitate technology transfer,” explained Cristobal.
“We are laying the foundation to ensure that the Philippines will be at par with other countries, especially those who are members of the Association of Southeast Asian Nations (ASEAN). We also want Filipinos to fully reap the benefits of our efforts to realize the country’s full potential in the global market,” concluded Cristobal.
Posted By: Edrillan Pasion