Philippines enacts Competition Law

July 21, 2015

Philippine President Benigno SC Aquino signed into law today the landmark legislation that further aligns the country’s economic framework with the ASEAN region and most investment-attractive nations in the world.

The Philippine Competition Act, Republic Act No. 10667, is considered as one of the oldest pending measures in Congress as the first version of the bill has been pending for more than 20 years. The law is intended to curtail unfair and anti-competitive trade practices and aims to level the playing field in doing business in the Philippines for both domestic and foreign establishments.

The Act also creates the Philippine Competition Commission as an attached agency of the Office of the President. It is tasked to look into anti-competitive agreements, abuse of dominant position and anti-competitive mergers and acquisitions, with the objective of protecting consumer welfare and advancing domestic and international trade and economic development. The law also provides penalty provisions on anti-competitive agreements and abuses of dominant players.