PCC sees business competition improving with antitrust law

Perceptions about business competition inthe Philippines has improved and is set to be even better as the competitionlaw is now being enforced, the Philippine Competition Commission (PCC) saidThursday.

The Philippines scored 5.3 in terms ofbusiness competition, according to the Global Competitiveness Report (GCR),released by the World Economic Forum (WEF) last month.

"This is the highest score we haveever achieved in the last decade and we are optimistic that the coming yearswill see better numbers as the enforcement of the competition law gainstraction," PCC chairman Arsenio Balisacan said.

Intensity of local competition is one ofthe indicators of under the goods market efficiency pillar of the GlobalCompetitive Index (GCI) in which the Philippines ranked 56th this year, a notchup from 57 last year.

"Now that PCC is here, the challengeis to secure significant reforms that will address the weaknesses in thecurrent competition landscape, thereby promoting inclusive growth and consumerwelfare," Balisacan said.

The two-year transitory period of the PCClapsed on August 8, giving the commission the full authority to implement itsmandate of imposing stricter measures against anti-competitive businesses. Itwas established in 2015.

Balisacan has said the PCC may impose asmuch as P100 million in fines on the first offense and P250 million for thesecond offense, with erring company officials facing the prospect of serving aseven-year prison term.

As of end-August 2017, the PCC has reviewed114 notifications of mergers and acquisitions with a combined value of P1.95trillion. 

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