THE Senate on Monday approved on third and final reading a bill leveling the playing field in the business sector to protect small business owners and consumers from unfair practices that lead to price increases. Senate Bill 2282, otherwise known as the Fair Competition Act of 2014, was introduced by Sen. Paolo Benigno “Bam” Aquino IV, chairman of the Senate Committee on Trade, Commerce and Entrepreneurship.
“A fair-competition policy will level the playing field for Filipino businesses and allow more Filipinos to exercise their entrepreneurial spirit,” Aquino said.
Aquino said the measure works hand in hand with the recently enacted Go Negosyo Act (Republic Act 10644), which he also authored.
He said SB 2282 will allow more Filipinos to make a living “out of their own businesses,” which, in turn, will generate more employment and strengthen the purchasing power of more Filipinos. “The bill puts in place measures that will protect the welfare of businesses and protect honest, hard-working entrepreneurs against abuse of dominance and position, and other unfair practices that put both Filipino businesses and their consumers at risk,” Aquino said.
Senate President Franklin Drilon said, “Having a competition law will lead to lower prices, higher quality of products and services, and more choices for consumers, as fostering a competitive economic environment spurs market efficiency and innovation.” Drilon said the passage of the Fair Competition Act was in accordance with their goal of approving priority economic measures to improve the Philippine business climate, boost investment and ensure macroeconomic and fiscal sustainability to prepare the country for the Asean Economic Community in 2015. “The Philippines remains the only member of the Asean-5 countries [which also includes Indonesia, Malaysia, Singapore and Thailand] where a competition law is not in place,” Drilon said.
Under the proposed measure, traders who will engage in unfair competition will face a fine ranging from P50 million to P200 million and two to five years imprisonment.
“We believe that the Fair Competition Act is all at once pro-poor, pro-people and pro-business. It safeguards the welfare of businesses, large and small, and protects honest, hardworking entrepreneurs,” Aquino said.
Jelly F. Musico / Philippine News Agency
1 comment
hope it become a law; hope it may require big banks to provide soft loan with less documentary requirements for small schools like us…