“With the Philippine Competition Act one step away from being enacted into law, we are much closer to ensuring that our country is at par with our ASEAN neighbors in terms of preventing unfair trade behavior within our shores,” Drilon said in a statement.
Both houses of Congress approved the bill before it adjourned its second regular session last June 10, Wednesday.
Under the act, a Philippine Competition Commission would be established to enforce a national competition policy prohibiting anti-competitive agreements, abuse of dominant position, and anti-competitive mergers and acquisitions.
Once enacted into law, business entities found guilty of engaging in unfair business practices will be slapped with fines reaching up to P250-million, with amounts adjusted for inflation every five years.
Violators may also face up to seven (7) years in prison, Drilon stated
Drilon said the measure will greatly boost the nation’s preparations as Southeast Asian markets unite under the ASEAN Economic Community (AEC) by the year’s end.
The Philippines is host of this year’s ASEAN conference.
The lawmaker noted the Philippines remains the only original nation-member of the ASEAN without a comprehensive anti-trust law in effect.
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Read more at http://www.mb.com.ph/drilon-says-anti-trust-law-will-boost-ph-for-asean-integration/#vkIrBq3uv7QeLS8u.99