New anti-trust agency poised to become one of SEAsia’s best

The country’s newly- created anti- trust authority is poised to become one of the region’s best given the sufficient powers vested into it by law to impose penalties on most anti- competitive practices, Philippine Competition Commission (PCC) chairman Arsenio Balisacan said.

With the Philippine Competition Act’s draft implementing rules and regulations ( IRR) now out for review, the PCC is aiming to be among the most effective anti-trust authority in Southeast Asia in instilling truly competitive markets despite being a late-comer in terms of anti-trust policies.

“Being a newly- created agency, the PCC studies antitrust models in other countries considered to have effective competition authorities,” Balisacan said.

He said Singapore has one of the most, if not the most, effective anti-trust authorities in the region.

“We are eager to apply international best practices in the Philippines while taking into account peculiarities of our own economy,” he said.

Balisacan said the term of the first set of PCC officials is enough to significantly improve competition in a wide range of industries in the country.

The law provides a fixed term of seven years to the PCC chairman, and a term of six to seven years to its four commissioners.

PCC commissioner Stella Quimbo said other markets globally required two years on the average to fully set up their respective anti-trust authorities and start filing cases.

She said the Philippines, through the PCC, would attempt to do this faster.

Following the release of the draft IRR on Thursday, the PCC is set to hold consultations with business groups and other stakeholders in Cebu, Davao and Manila from May 16 to 24.

The PCC will seek inputs and comments to the draft IRR from the stakeholders before releasing the final and approved version next month.

Balisacan said the IRR would allow the PCC to fully implement Republic Act 10667, or the Philippine Competition Act, which seeks to promote fair market competition and penalize anti-competitive practices.

He said the law complements the Philippines’ goal of opening industries to more jobgenerating investments and to make the benefits of economic growth felt by a bigger proportion of the population.