PH Competition...

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The implementation of this new piece of legislation is expected to usher in a new era where MSMEs across industries can operate competitively alongside the big companies.

“The Competition Act will bring us closer to enhancing the readiness and competitiveness of the various sectors of the economy to seize opportunities of ASEAN economic integration. By reinforcing efforts to safeguard competitive conditions, our local businesses, particularly MSMEs, will continue to flourish in both local and global markets,” according to Trade and Industry Undersecretary Adrian S. Cristobal Jr.

According to Cristobal, the adoption and enforcement of a competition law will ensure that the country’s economic successes in terms of deregulation, privatization and the removal of counterproductive trade barriers will 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,” explained Cristobal.

The new legislation will also lay down the foundation to ensure that the Philippines will be at par with other countries, especially ASEAN. Aside from the Philippine Competition Act, the Chief Executive will also sign into law the Foreign Ships Co-Loading Act, another measure sponsored by Sen. Bam.

The Foreign Ships Co-Loading Act will reduce logistics costs for producers, create a more efficient import and export system, and lead to lower prices for consumers. The law will also help in decongesting the major ports in the country.

With the approval of his two measures, Sen. Bam will have four laws to his credit. Last year, the President approved the Go Negosyo Act and the Philippine Lemon Law.