The Department of Trade Industry on Friday welcomed the ratification of the Fair Competition Act as this economic measure was expected to help level the playing field for all businesses and boost the competitiveness of local firms in an integrated region.
The bill is also expected to help curb unfair and anti-competitive trade practices and deemed crucial in boosting foreign direct investment flows into the country.
“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,” Trade Undersecretary Adrian S. Cristobal Jr. said.
“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,” Cristobal added.
The Fair Competition Act, following the approval of its respective versions in both Houses of Congress, is now ready for the signature of President Aquino. Among its key provisions include 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 would ensure that the country’s economic successes in terms of deregulation, privatization and the removal of counterproductive trade barriers would 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,” Cristobal said.
“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. We also want Filipinos to fully reap the benefits of our efforts to realize the country’s full potential in the global market,” he added.