Tuesday, July 21, 2015

President Aquino Signs Philippine Competition Act To Help Consumers

By Alon Calinao Dy: After 26 years of waiting, the Philippine Competition Act (Republic Act No. 10667), which penalizes monopolies, cartels, and unfair business practices, was signed by President Benigno S. Aquino III this morning. It will positively impact consumers in bringing down their daily expenses because of a free market. 

As expected, prominent politicians, distinguished guests, and businessmen were present during the Ceremonial Signing of the Philippine Competition Act like Sen. Tito Sotto III and Sen. Cynthia Villar as co-authors, House Speaker Feliciano "Sonny" Belmonte, Senate President Franklin Drilon, Justice Secretary Leila de Lima, and other representatives.



"Businesses, whether big or small, will now be on equal footing as the law penalizes anti-competitive agreements and abuses of dominant players," stressed Sen. Bam Aquino, principal author of the Philippine Competition Act. I agree with his statement as I remember my seminary high school teacher, Nimfa Avila, who taught us well about the importance of fair trade among market players.

Aside from the Philippine Competition Act, President Aquino has also signed the Foreign Ships Co-Loading Act (Republic Act No. 10668) which will benefit a lot of consumers as well.

It is true that we already knew about monopolies, cartels, and unfair businesses as it was dominant over the past years before the passage of these new laws, but we couldn't do something to help ourselves. It's a good news that there's now the Philippine Competition Act. It's just so frustrating to realize that making a law or amendment to a law is a slow process in the country, but at least it's been done already.

This is another milestone under the Aquino administration especially that the State of the Nation address is coming. But of course, I'd like to congratulate the hardworking people behind the fulfillment of these new laws. I admit there are too many of them. 

I know this is out of scope of a discussion, but another important aspect is to have a national ID system in the country in order to reduce crime, fraud, and corruption. 
As we know, 2016 Philippine presidential election is near, I think holding a unique set of numbers on your ID at birth is helpful in determining the reports and complaints of ghost voters.

Once again congratulations to all those participants and those who made this plan a reality.

Source: Sen. Bam Aquino