What is the purpose of the Philippine Competition Act?
10667 or the Philippine Competition Act (PCA) is the country’s primary competition law. It defines, prohibits, and penalizes anti-competitive practices, with the aim of enhancing economic efficiency and promoting free and fair competition in trade, industry, and all commercial economic activities.
What is antitrust and competition in the Philippines?
The new Philippine antitrust law identifies prohibited anticompetitive agreements. Proscribed as illegal are agreements between and among competitors restricting competition as to price or components thereof, or other terms of trade; and fixing prices at auctions or in any form of bidding.
What is the relevance of knowing the Philippine competition law?
It is a game changing legislation that is expected to improve consumer protection and help accelerate investment and job creation in the country, consistent with the national government’s goal of creating more inclusive economic growth.
Is the Philippine Competition Act anti business explain?
The Competition Act prohibits business practices that restrict market competition through anti-competitive agreements and abuse of a dominant position, and introduces a compulsory notification regime for certain mergers and acquisitions.
What are the regulations that promote competition?
Competition law is a law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies. Competition law is implemented through public and private enforcement. It is also known as anti-monopoly law in China and Russia.
Why do we have competition laws?
The purpose of competition law is ensuring a fair marketplace for consumers and producers by prohibiting unethical practices designed to garner greater market share than what could be realized through honest competition.
What is the competitive act?
To provide for the establishment of a Competition Commission responsible for the investigation, control and evaluation of restrictive practices, abuse of dominant position, and mergers; and for the establishment of a Competition Tribunal responsible to adjudicate such matters; and for the establishment of a Competition …
What is anti competition policy?
Anti-competitive agreements Section 4(1) of the Act prohibits vertical and horizontal agreements between businesses with the object or effect of significantly preventing, restricting, or distorting competition in any market for goods or services. In simple terms, the Act prohibits anti-competitive agreements.
Why is competition important in the market?
Why is Competition Important? When a market is competitive, businesses will have greater incentives to lower prices, to improve the quality of their products and services, and to provide buyers with more options. That is, businesses will need to innovate to make their products different and better than the rest.
What is competition law and explain its significance?
Competition law is the body of legislation intended to prevent market distortion caused by anti-competitive practices on the part of businesses. In the United States, Canada and the European Union, competition law is also known as Antitrust law.
What are the Philippine laws of consumer protection?
The Philippine government adopted RA 7394 (Consumer Act of the Philippines of 1991) as the legal basis for consumer protection in the country. The law embodies the state policy on the protection of consumers and establishes standards of conduct for business and industry in the country.
What is the Philippine Competition Act?
Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled: SECTION 1. Short Title. – This Act shall be known as the “Philippine Competition Act”. SEC. 2. Declaration of Policy. – The efficiency of market competition as a mechanism for allocating goods and services is a generally accepted precept.
What are the antitrust laws in the Philippines?
As a small business owner, understanding the statues within the Act helps ensure your business remains competitive so you succeed. The Philippine Competition Act establishes antitrust laws in the country to protect consumers from monopolies, inflated prices, and other predatory practices.
What is the role of the Philippine Competition Commission (PCC)?
The Philippine Competition Commission (PCC) has original and primary jurisdiction in the enforcement and regulation of all competition-related issues. 14Primer Primer 15 The PCC is the government agency mandated to implement the PCA and the national competition policy.
What is the purpose of enforceable competition law?
Enforcement of this law will help ensure that markets are open and free, challenging anticompetitive business practices while maintaining an environment where businesses can compete based on the quality of their work.