CEBU CITY — Keep the competition going.
The Philippine Competition Commission (PCC) on Thursday reminded all businessmen not to collude with each other and allow healthy competition among themselves for the good of the economy and the consumers.
Lawyer Amabelle Asuncion, commissioner of the PCC, said the Philippine Competition Act, which was passed in 2015, aims to level the playing field for all businesses and ensures that business would engage only in fair business practices.
“The Philippine economy is dominated by very few businesses. What we want is to open up the economy to make sure there are more players because that is always good for consumers. If there is competition, and if there are more entities, there are more choices for the consumers for better prices and quality,” she told the Inquirer.
Asuncion said many businessmen were resistant to the new law because they think it was against them.
“But this is meant to help them and the consumers. Competition is good for business. If there’s competition, you improve your product and sell it at affordable prices. It redounds to consumers. Whereas if you’re the only one who sells a product, you can dictate the price,” she explained.
On Thursday, the PCC gathered law school deans and professors in Cebu at the Waterfront Cebu City Hotel and Casino to expound on the new law’s provisions.
The Legal Education Board, she said, last December issued a circular to all law schools that Competition Law would now be taught. “There were existing laws which prohibit monopolies and fair practices but these were not effectively imposed. This new act consolidates all,” she said.
The law added that the state shall regulate or prohibit monopolies when the public interest so requires and that no combinations in restraint of trade or unfair competition shall be allowed.
“The State also recognizes that the provision of equal opportunities to all promotes the entrepreneurial spirit, encourages private investments, facilitates technology development and transfer and enhances resource productivity,” the law read.