Exporters are pushing for the immediate drafting and approval of the implementing rules and regulations of Republic Act 10667 to improve market competition and attract more investments into the Philippines.
Philippine Exporters Confederation Inc. president Sergio Ortiz-Luis Jr. said the Philippine Competition Act would help ensure a level playing field. The law was signed on July 21, 2015.
“This is critically important within the Asean Economic Community to protect both local and foreign businesses with the legal environment against anti-competitive trade practices,” he said.
Ortiz-Luis cited many countries, including neighbors Indonesia, Malaysia, Singapore, Thailand and Vietnam, which have adopted strong legal frameworks to guard against such trade practices.
“It is interesting to note that these countries also register higher foreign direct investments or FDIs than [their] Asean brothers which have not adopted their competition law,” he said.
He stressed the need for micro, small- and medium-scale enterprises to participate in the growth of the country’s economy.
“While exporters are mainly global players, our interest lies on the fact that exporters also consume domestic goods and services as part of export production. For this reason, a conducive environment must be in place to ensure that prices, quality and availability of these goods and services must be at competitive levels,” Ortiz-Luis said.
He said the Philippines should speed up the approval of the IRR of the law now that former National Economic and Development Authority secretary Arsenio Balisacan heads the Philippine Competition Commission.
The commission is a quasi-judicial body in charge of enforcing and implementing the provisions of the Philippine Competition Act.
Ortiz-Luis Jr. also encouraged companies to draft and implement their compliance program to avoid the risks of violating the law.
“Another legal groundwork to attract more investors has been completed. The test is again in the proper implementation where private sector and government can play important roles. Let us continue to do our part to help ensure that the gains flow through all stakeholders,” he said.