The Investment Coordination Committee-Cabinet Committee of the National Economic and Development Authority approved a P1.3-billion project to upgrade the capacity of the Philippine Competition Commission.
The National Economic and Development Authority said the “Capacity Building to Foster Competition Project” of the PCC would cost P1.322 billion, with P1.217 billion to be funded through a loan from the Asian Development Bank.
It aims to institutionalize the capacity of the government to enforce the Philippine Competition Law and promote free and fair competition in economic activities through capacity training, scholarships and establishment of academic centers.
The project is set to be implemented from the third quarter of 2019 to January 2025.
Economic Planning Secretary Ernesto Pernia, who co-chairs the ICC-CabCom with Finance Secretary Carlos Dominguez III, said the project was expected to contribute to the enhancement of market competition in the economy.
“With improved manpower of PCC and other government agencies, through exposure to different fields, including competition economics, competition policy, and data science, we can expect market competition in the economy to be enhanced,” Pernia said.
The project is seen to foster competition in key economic sectors that are crucial in achieving inclusive development and improve the country’s ranking in the World Economic Forum’s Global Competitiveness Index. In 2017, the Philippines ranked 56th out 137 countries in the GCI. Julito G. Rada
The ICC-CabCom also re-confirmed its earlier approval of the Metro Manila Bus Rapid Transit Line 1, along with its updated project description and cost amounting to P5.46 billion.
The project involves the construction of 17 stations on an 11.4-kilometer stretch from Manila City Hall to Philcoa in Quezon City.