LEGISLATORS are fast-tracking a national competition bill that seeks to dismantle monopolies and minimize unfair competition in preparation for Southeast Asia’s economic integration by next year’s end.
“We’re trying to do it as soon as possible,” Mr. Cojuangco said after a joint hearing with the committee on trade and industry.
“This is a priority bill of House Speaker [Feliciano R.] Belmonte[,Jr]. Hopefully, before 2015 we can finish the job,” the official added.
The Philippine Competition Act, which is a consolidation of 12 bills on the matter filed with the Lower House promoting a national competition policy, will seek to prohibit any activities or practices that would prevent, distort, or restrict competition among businesses in the country, such as price rigging.
It also seeks to establish the Philippine Competition Commission, which will look into the actions of companies controlling a dominant position in the market. The commission shall investigate those accused of engaging in unfair trade practices and impose defined sanctions and penalties.
As outlined in the Association of Southeast Asian Nations (ASEAN) Economic Community blueprint, which the country adopted in 2007, all ASEAN member states should introduce a competition policy by 2015.
House committee on trade and industry chairman Anthony G. Del Rosario (Davao del Norte, 1st District) said yesterday that the consolidated draft of the bill will need to be approved by the appropriations committee. After this, a committee report on the measure needs to be completed before it is submitted for plenary deliberations.
He said lawmakers hope the bill would help attract investments in the country as the ASEAN integration comes into fruition next year, when a single, competitive market for the entire region is established. — B.B.M. Beltran
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