President Benigno S. Aquino III has signed into law the Republic Act No. 10667, also known as the Philippine Competition Act.
The Philippine Competition Act will make sure that no business entity would have an unfair advantage over its competitors so that consumers would enjoy the benefits of a free market. The law is also expected to improve the state of the internet in the country by encouraging the entry of new players.
“Businesses, whether big or small, will now be on equal footing as the law penalizes anti-competitive agreements and abuses of dominant players,” said Senator Bam Aquino, co-author and principal sponsor of the measure.
Under the new law, the Philippine Competition Commission (PCC) will be established and will consist of a chairperson, four commissioners and an executive director. The PCC will look into anti-competitive behaviors, abuses in dominant positions, and anti-competitive mergers and acquisitions.
The independent quasi-judicial body can also impose administrative penalties of a maximum fine of P100 million on the first offense and P250 million for the second offense for anti-competitive agreements and abuses of dominant position. An imprisonment from two to seven years can also be imposed to responsible officers and directors of the entity.
In addition to the Philippine Competition Act, the President has also signed the Foreign Ships Co-Loading Act which will reduce logistics costs for producers, create a more efficient import and export system, and lead to lower prices for consumers.
source: BamAquino.com
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