Citing the need to level the playing field ahead of the economic integration of members of the Asean (Association of Southeast Asian Nations), the Philippine Chamber of Commerce and Industry (PCCI) is urging Congress to pass into law the pending bill on competition when the legislature resumes session next month.
“Time is running out for Congress to pass a competition law that would prevent anti-competitive business practices, abuse of market power, anti-competitive mergers and other unfair trade practices,” warned the PCCI, the largest association of small and medium enterprises (SMEs) in the country.
“We hope that when it goes back to work for its May 5 to June 13 session, the 16th Congress would give top priority to approving competition bills now pending before it,” PCCI president Alfredo M. Yao said.
The bills pending in the House of Representative and the Senate have already undergone first reading. Both versions are now in the public hearing and consultation stages, the PCCI said.
According to Yao, a competition law will prepare the domestic economy for the impending integration with the rest of the Asean bloc come 2015.
“If we give our neighbors a difficult time to do business here, they will also give us a hard time accessing the Asean market of 600 million consumers,” Yao said.
“A competition law would be a landmark legislation whose significance to the economy would be underscored once the AEC (Asean Economic Community) and other economic partnership agreements come into play.”