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Bacolod City, PhilippinesFriday, February 24, 2012
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‘Just rules’
backed for fair trade

MANILA – To promote fair trade competition, Senator Teofisto Guingona III is seeking to institutionalize a Philippine Fair Competition Commission that will reinforce the national competition policy and provide stricter penalties for anti-competitive acts.

Guingona has filed Senate Bill No. 3109, or the Competition Policy Act of 2011, which aims to promote fair competition and prohibit, among others, monopolistic and cut-throat competitive behavior of corporations.

"We need a business environment which promotes innovation and sustained growth, especially of small and medium-sized enterprises. We cannot be an economy made up of a few giant corporations who effectively destroy the business of smaller players and those who arbitrarily control market prices and supply," he said.

Guingona, chairperson of the Senate Blue Ribbon committee, lamented the unfair trade scenarios where different firms have committed prejudicial act of market manipulation, especially in times of calamities and national shortages.

"A clear competition policy is also a message to foreign investors that the Philippine market is regulated by clear, fair, and reasonable rules…,” he said.

The proposed institutionalization of Philippine Fair Competition Commission will have a task force that will be composed of members from the Office of the President, Civil Service Commission, Tariff Commission, Department of Trade and Industry, Department of Justice, and the Department of Budget and Management.*PNA

 

 

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