Belmonte pushes for fair competition law

MANILA, Philippines - House Speaker Feliciano Belmonte, Jr. is pushing for the passage of the Philippine Fair Competition Act of 2013 in an effort to put an end to monopolies and cartels in the market.

“House Bill 1133 aims to encourage fair and free economic competition by prohibiting the abuse of market dominant positions and the excessive concentration of economic power by regulating improper concerted acts and unfair business practices, thereby stimulating creative business activities, protecting consumers and promoting the balanced development of the national economy,” Belmonte said.

He said the existence of laws and even a constitutional guarantee against monopolies have been inadequate in protecting the local consumers against abusive firms.

“The economy continues to be dominated by groups of businesses with substantial market power and political influence. Also, competition in the domestic market remains restricted in key sectors,” Belmonte said.

He said the existence of monopolies negatively affects the ability of the country to provide a conducive business climate and impairs public welfare.

The proposed measure mandates the creation of a Philippine Fair Trade Commission to investigate, gather evidence and initiate prosecution of those engaged in unfair trade practices.

The bill also mandates the exercise of regulatory powers to local government units and bans firms from engaging in unfair methods of competition, among others.

Belmonte said the Philippines, as part of the Association of Southeast Asian Nations Economic Community, seeks to introduce the competition policy by 2015.