MANILA — The first task for the newly formed Philippine Competition Commission is to come out before the end of the Aquino administration with the implementing guidelines of the law that will level the playing field as well as protect consumers from abusive businesses, according to its chair Arsenio M. Balisacan.
Balisacan told reporters that at their first meeting scheduled this week, the commission would work on finishing the implementing rules and regulations (IRR) of Republic Act. No. 10667 or the Philippine Competition Act, which President Benigno Aquino III signed into law in July last year.
The Philippine Competition Act is aimed at ensuring fair competition in the business sector. It has put in place administrative fines as well as criminal penalties for prohibited anti-competitive agreements, mergers or acquisitions that substantially restrict competition, and abuse of dominant position.
While a draft IRR has already been prepared, Balisacan said the market has been awaiting the final rules, which should have been issued during the fourth quarter of 2015.
“We want to release the IRR as early as possible to calm down the market,” Balisacan said on the sidelines of the turnover ceremony to incoming National Economic and Development Authority (NEDA) officer-in-charge Emmanuel F. Esguerra last week.
The former NEDA director-general and economic planning secretary said he wanted the “long overdue” IRR to be out before the end of President Aquino’s term.
“There are mergers and acquisitions hanging in the air; the law says ‘go to the commission’ [before they merge or acquire firms]. There are uncertainties due to the lack of IRR, which will affect foreign investments,” Balisacan said.
He nonetheless declined to identify which sectors would be the first to face scrutiny of the Philippine Competition Commission, saying that they would first finalize the rules of the game.
The quasi-judicial commission “will ensure an efficient market competition in providing a level playing field among businesses engaged in trade, industry and all commercial economic activities,” Balisacan had explained.
Also, the Philippine Competition Commission “aims to protect consumer welfare and advance both domestic, and international trade and economic development” and is mandated “to conduct inquiries, investigate, and penalize all forms of anti-competitive agreements, abuse of dominant position, and anti-competitive mergers and acquisitions.” SFM